NEWPORT — Despite reports to the contrary the AnC Bio biomedical project is not being given special scrutiny by the state.
State regulators are taking a closer look at all EB-5 projects in Vermont in light of stronger federal requirements and increased use of the visa program by Vermont businesses.
Last summer Governor Peter Shumlin asked the Department of Financial Regulation to get involved in overseeing EB-5 projects in the state, said Pat Moulton, commissioner of the Agency of Commerce and Community Development (ACCD), on Monday.
The Tram Haus Lodge is the first project using EB-5 funds to be completed at Jay Peak. Some investors in the project are unhappy about changes to the ownership structure made unilaterally by Bill Stenger and Ariel Quiros, the general partners in the project. Investors were notified of the changes nine months after they were put into effect. Photo by Joseph Gresser
copyright the Chronicle August 6, 2014
by Joseph Gresser
JAY — Bill Stenger and Ariel Quiros didn’t live up to state standards when they waited nine months before notifying 35 EB-5 investors they had dissolved the partnership that owned the Tram Haus Lodge at Jay Peak Resort, according to Brent Raymond, director of International Trade and the Vermont EB-5 Regional Center.
Mr. Stenger, co-owner of Jay Peak along with Mr. Quiros, agrees that the notification process was botched.