Mount Snow owner announces release of EB-5 project funds
0 people likes this
Ski area owner/operator Peak Resorts, Inc. earlier this month announced that the United States Citizenship and Immigration Services (USCIS) approved the first I-526 Petition submitted by an investor in Mount Snow’s EB-5 offering, allowing the funds raised in the offering to be released from escrow immediately to proceed with two important projects at the resort.
The West Lake Water Project includes the construction of a 120-million-gallon water storage pond for snowmaking, three pump houses and other associated infrastructure. West Lake will increase water storage for snowmaking by six times, enabling Mount Snow to open more trails earlier in the season and increase the snowmaking capacity on existing trails. Construction of the West Lake Water project began in February 2015 and is expected to be substantially completed prior to the 2017-2018 ski season.