Stenger: $100 mil raised for Newport development - WCAX.COM Local Vermont News, Weather and Sports-

Stenger: $100 mil raised for Newport development

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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.

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