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October 30, 2015
Dear Tho Vinh,
Greetings everyone, and a warm welcome to our newest Mount Snow EB-5 investors. You're reading our quarterly investor newsletter.
West Lake Construction Continues on Target:
The West Lake Water Project remains on target, and on budget. Work on West Lake started on May 1, 2015. As of October 28, the lake itself is 90% complete. We've installed 60,000 feet of pipeline on the mountain and along the road. As a result of the work accomplished so far, this winter Mount Snow will be able to make snow 30% faster than in the past. Follow us on Twitter at @MountSnowEB5 to view pictures of West Lake construction and to obtain other information. Below are some photos of the construction of West Lake and pipeline.
Before & After comparison photo showing progress
West Lake Construction Management Team
Mount Snow on mountain pipeline
Digging to the bottom of West Lake
Investor Count:
We're very excited to announce that on August 25, our EB-5 offering became fully subscribed with 104 investors. The full announcement is located here: http://ir.peakresorts.com/file.aspx?IID=4110528&FID=30826143
I-526 Processing:
Our first I-526 was received by USCIS on May 28, 2014. USCIS has assigned an adjudicator and a staff economist is now reviewing the application. Although the pending time period is disappointing, it is well within the current standard processing times for a project awaiting its first I-526 review. As of August 28 states the average I-526 processing time according to USCIS is 13.8 months. This is the average. The reality is that the I-526 typically takes several months longer because when the first I-526 adjudicated, USCIS not only reviews the individual investor petition, but the entire offering. In addition to a USCIS adjudicator review of the individual petitioner and source of funds, an economist also evaluates and analyzes the business plan, pro-formas, market study, economic jobs analysis and other information. In addition, there is a backlog of 13,000 petitions waiting to be reviewed. We look forward to receiving notice of approval. In the meantime, all investor funds remain in escrow.
Vermont Regional Center:
The Vermont Regional Center continues to have 100% success rate for both I-526 and I-829 petitions with more than 780 I-526 and 345 I-829 approvals. In October 2015, the Vermont Regional Center received an award from Invest in the USA (IIUSA) as one of the top 12 regional centers in the country for I-829 approvals in 2015.
Vermont Regional Center I-829 Award
Mount Snow:
We've had a very busy summer and fall season. For the fifth consecutive year the Grand Summit Hotel hosted the Gordon Research Group, a scientific community that books up to 10 weeks each summer. It was aslo a busy season for weddings at Mount Snow. In September and October, Mount Snow hosted several events including the 21st Annual Brewers Festival, 8th Annual Wine and Harvest Festival, 18th Annual Oktoberfest and 42nd Annual Harvest Arts and Crafts Fair. Beautiful fall weather contributed to record attendance at several events.
Now, Mount Snow is gearing up for the busy winter ski season. Snowmaking traditionally begins in early November. This year, vistors to the ski resort will see an increase in snowmaking production from portions of the West Lake project already completed (see West Lake update above).
We hope you had a great summer and are enjoying the fall!
Sincerely,
The Mount Snow EB-5 Team
Richard (Dick) Deutsch- President
Laurie Newton- V.P. Development
Brent J. Raymond- V.P. Special Projects
Ashley Grande- EB-5 Coordinator
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Mount Snow | 39 Mount Snow Road | PO Box 2805 | West Dover, VT 05356 | USA