AnC Bio is back on track

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A rendering of the proposed 85,000-square-foot AnC Bio building.  According to the permit, a portion of the eastern side of the present Bogner building will be demolished to build the new structure.  When complete the plant is expected to employee as many as 500 people.  Photo by Joseph Gresser

A rendering of the proposed 85,000-square-foot AnC Bio building. According to the permit, a portion of the eastern side of the present Bogner building will be demolished to build the new structure. When complete the plant is expected to employee as many as 500 people. Photo by Joseph Gresser

copyright the Chronicle April 1, 2015

by Joseph Gresser

NEWPORT — AnC Bio, the biomedical facility being developed with money from the federal EB-5 visa program, is back on track. A press release from Jay Peak late Tuesday afternoon said the state Department of Financial Regulation (DFR) has approved a revised “private placement memorandum.”

The expiration of that document, which serves as a guide that potential investors can use to judge the potential risks and rewards of a project, led the state to ask Jay Peak to suspend its search for investors last year.

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Stenger admits investors were informed late

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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

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.

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