Governor Peter Shumlin is traveling to Miami Wednesday in an effort to attract investors for a massive economic development project in the Northeast Kingdom.
Developer Bill Stenger hopes to use foreign investments raised through a program called EB-5 to expand Jay Peak Resort, build a bio-tech research and manufacturing center, and make upgrades to the state airport in Coventry.
Stenger says investors have already poured $300 million into Jay Peak’s expansion.
But Shumlin says he promised Stenger and his partners to help raise the $600 million they estimate will be needed to create some 10,000 jobs in the Kingdom.
"We have a story to tell that is unlike any other EB-5 program in America for the simple reason that we’re the only statewide EB-5 program in the nation; we’re the only EB-5 program where the state acts as sort of an auditor for the program, which gives investors added confidence that they’re investing in something that is real," Shumlin said.
Shumlin sees the trip to Florida as a chance to grow jobs in Vermont, and he’ll speak to any potential investors Stenger has lined up.
Shumlin says the cost of his trip will be paid for by EB-5 administrative fees, not Vermont taxpayers.