Jay Peak & Newport on the move!
The people I've met across the state ask, "What are we going to do about the economy? How do we create good jobs all over the state? What do we need to do to be seen as a business friendly place?"
It is clear to me that economic development is best achieved at the regional level and that something that works in one place is not necessarily effective in another. I believe we need an economic plan that has specific goals tailored to each part of the state, developed by the people who live there, with state support. I was in the Northeast Kingdom this month and saw some great examples of local folks working hard to improve their part of the state.
Jay Peak is in the process of changing from a small winter resort to a year around resort. The recent construction there makes it clear, from the impressive golf course to the new hotel to the frame for the ice rink. Phase two of the project will keep the building trades going for at least another 18 months.
The transition from a winter resort, to a year around resort will provide hundreds of year around jobs in a part of the state that has chronic unemployment, or underemployment. An article in this week's Seven Days newspaper quotes Jay Peak co-owner and president Bill Stegner saying that when the work is completed in 2012, the resort will employ some 600 new workers year round and create twice as many "indirect jobs" in the towns around the mountain.
Downtown Newport on a rainy day was a busy place. There are many coordinated groups working to move the vision of the growing downtown forward. There is interest building in creating a large waterfront hotel and meeting center, and work is underway to attract a high tech business to Orleans County. The local technical center is growing and developing educational programs that are attracting many students. The local hospital, North Country, is building an expansion to house their doctors and it will be a good site for them to work with the Blueprint, a statewide plan that provides a viable pathway to sustainable primary care in all of our communities.
There is early planning for extending the runway of the local airport, looking ahead to the time when growth begins to occur. The need for an airport that can accommodate larger aircraft will become more and more important, and that could promote more growth. The area is building one brick at a time while planning ahead for the next one.
So where is the money coming from? The local economic development folks, working with local businesses, found out about the EB-5 immigrant investor visa category in the Federal Immigration Act of 1990. This program allows foreign investors to invest $500,000 in American businesses, and in return they receive a visa to live in the United States. This program is modeled on Canada's foreign investor visa program, and while it is controversial, it has been a tremendous boon to Orleans County.
In 2004 we embraced the idea in Vermont and created a state office to find foreign investors and connect them with local businesses that are looking for investment. All of Vermont, except the Burlington area, was designated as a Targeted Unemployment Area and allows a foreign investor to spend $500,000 to qualify for a green card.
Right now American banks just aren't lending and money can be difficult to come by. This alternative has been a way to spur development in the Newport area and give hope for a better future to the people who live there. It sure is nice to see the positive things happening in the Northeast Kingdom!
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Thank you for your support! Please contact me to visit your area to explore the challenges and successes in your part of Vermont, or just to talk.
Sincerely,
Susan Bartlett
Bartlett for Governor