The massive development project planned for the Northeast Kingdom is moving forward -- and drawing financial support.
The $500-million project calls for new development at Jay Peak and Burke Mountain -- bio-tech and window manufacturing plants -- and a rehab of downtown Newport.
The project is being funded primarily thru the EB-5 program which trades U.S. visas for foreign investments. Developer Bill Stenger said he just returned from a 10 day fundraising trip to China.
"Right now, we've raised almost $100 million over the last six months. We have a ways to go, but in the next 8 to 12 months, we'll probably raise another $300 million more," Stenger said.
Stenger said a team of Korean scientists is in Vermont for two weeks to finalize plans for the AnC Bio operation at the site of the old Bogner plant in Newport. The Menck window factory would be build on the same property. Altogether the Kingdom projects are expected to create up to 10-thousand new jobs.
Sunday, December 8 2013 11:56 PM EST2013-12-09 04:56:59 GMT
An Enfield, New Hampshire man is dead. And a Killington driver has been charged in connection with the death. It happened Saturday night on the Killington Road. Police say 26-year-old Kyle Wilson wentMore >>
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Sunday, December 8 2013 10:36 PM EST2013-12-09 03:36:50 GMT
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The Christ Presbyterian Church has leased property from the University of Vermont for the last 35 years. But UVM has decided not to renew its lease.More >>
Sunday, December 8 2013 10:35 PM EST2013-12-09 03:35:27 GMT
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Burlington Police are looking for two suspects involved in an assault and robbery.It happened on Front Street Sunday afternoon. The victim told police he was held up at gunpoint by two African AmericanMore >>
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Sunday, December 8 2013 9:34 PM EST2013-12-09 02:34:59 GMT
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