State gives EB-5 re-approvals to SouthFace Village at Okemo
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The Department of Financial Regulation (DFR) has given the green light to the continuation of solicitation of EB-5 investors for the SouthFace Village at Okemo project.
The upper-mountain SouthFace Village is the first development of slopeside units at Okemo Mountain since Bixby House was built at Jackson Gore (2006-07).
After receiving original EB-5 approvals from the state in January 2015, the Rossi Group, the developer of SouthFace Village, submitted updates to their offering documents in April 2016. In May DFR requested that the project undergo a regulatory review of its EB-5 offering documentation. (The review is considered a routine event when a Private Placement Memorandum (PPM) — a prospectus that projects are required to provide to investors so they can assess risk — and other documents are updated.)
The Rossi Group submitted the documentation but in late June was told to stop soliciting EB-5 investors pending some further changes related to new regulatory requirements.
Rossi Group CEO Ted Rossi commented in a July 17 press release that this is the “first project in Vermont to undergo this level of DFR review.” He noted, “DFR does not have concerns about the economics of the EB-5 arrangement.”