Jay Peak’s Stenger testifies before US Senate on EB-5 reauthorization

first_imgJay Peak Resort,US Senator Patrick Leahy (D-VT) chaired a hearing Wednesday morning on a key foreign investor program that has successfully drawn millions of dollars in economic investment to Vermont’s economy.  The hearing was held before the U.S. Senate Judiciary Committee, which Leahy chairs, and focused on the reauthorization of the EB-5 Regional Center Program, and its impact on economic development and job creation in communities in Vermont and across the country. Leahy invited Bill Stenger, the president and co-owner of Vermont’s Jay Peak Resort, to testify at the hearing.  Among other important Vermont businesses, both Jay Peak and Sugarbush, two of Vermont’s destination ski resorts, have successfully raised capital through the Regional Center program, and have been engaged in ambitious development projects.  Later this week, Stenger will be recognized by the Vermont Chamber of Commerce as the 2011 Citizen of the Year. ‘In 2011 alone, the EB-5 program is on track to create an estimated 25,000 jobs, and provide direct investments in American communities of $1.25 billion dollars.  And there is great potential to increase the program’s annual benefits,’ said Leahy.  ‘Bill Stenger’s work at Jay Peak, financed in part through the EB-5 Regional Center Program, has revitalized a very rural part of Vermont, and turned a beloved and iconic Vermont ski resort into a world class, four-season resort.  Projects like this are occurring all over America, and there is every reason to support these job creators as well as the immigrants who wish to invest in and contribute to America.’ ‘Since 2005 Jay Peak has developed several EB-5 projects at the resort creating over 2,000 jobs in our region and over the next two years will create that number of jobs again,’ said Stenger at the hearing.  ‘The EB-5 Program has provided us the most important tool we need to build our business and create economic energy, Affordable Equity Capital. This capital has helped us build year-round facilities that we desperately need in order to be competitive, but also helps us create full-time job opportunities for so many citizens throughout Northern Vermont’s highest unemployment communities.’ Since its establishment in Vermont in 1997, the program has drawn business and tourism to the state, and has created hundreds of jobs.  Jay Peak has drawn over $250 million in foreign investment from over 500 investors who immigrated from 56 countries.  Sugarbush has attracted $20 million in capital, which has created, or preserved, approximately 400 jobs in Vermont.  Vermont Governor Peter Shumlin’s administration and entrepreneurs throughout Vermont are working together to develop even more job creating enterprises for Vermont and Vermonters through the EB-5 Regional Center program. Under the EB-5 Regional Center program, foreign investors are required to invest a minimum of $500,000 in a project within a Regional Center and can apply for an EB-5 visa. U.S. Customs and Immigration Services (USCIS) must then approve the application, granting the investor a two-year green card. Upon the expiration of the visa, the investor must provide proof that they have created at least 10 jobs as a result of their investment and have met additional investment requirements set by USCIS. Since it was established in 1993, the Regional Center program has generated hundreds of millions of dollars for states and communities across the country. Leahy has worked to reauthorize the program several times.  Earlier this year, he introduced legislation to make the program’s authorization permanent, and has been working to develop legislation to modernize and improve the program. There are Regional Centers in more than 40 states across the country, which continue to attract foreign investment to American businesses and projects. An archived webcast of the hearing is available online.  Statement Of Senator Patrick Leahy (D-Vt.),Chairman, Senate Judiciary Committee,‘Reauthorizing The EB-5 Regional Center Program: Promoting Job Creation And Economic Development In American Communities’December 7, 2011 “I thank our witnesses for joining us today to discuss the EB-5 Regional Center Program and its proven record of creating jobs in America.   In 2011 alone, this program is on track to create an estimated 25,000 jobs, and provide direct investments in American communities of $1.25 billion dollars.  And there is great potential to increase the program’s annual benefits.  If the full number of visas allocated to the program are utilized, based upon investment and job creation requirements, this program has the potential to create or preserve 100,000 jobs per year, with contributions of $5 billion in foreign capital investment.  And these benefits come at no cost to American taxpayers.  This program is and should continue to be an important component of our overall immigration system that contributes to our economic growth.  The current authorization for the program is set to expire at the end of September 2012.  It is critical that Congress support U.S. Citizenship and Immigration Services (USCIS), which administers the program, along with the many men and women who are working hard to bring jobs to their communities, by enacting the permanent authorization legislation that I introduced in March of this year.  I thank the Chairman of the Subcommittee on Immigration, Refugees, and Border Security, Senator Schumer, for joining me as a cosponsor of this legislation.  I know that like many parts of the United States, from Alabama to Vermont, entrepreneurs in New York City have turned to financing through the EB-5 Regional Center Program.  Like any program, there is always room for improvement.  I commend Director Mayorkas at USCIS and Department of Homeland Security Secretary Janet Napolitano for making the program a central part of the Department’s contribution to President Obama’s broader job creation efforts and for their efforts to improve it.   The history of our Nation has been written in part through the contributions of immigrants.  The EB-5 visa and other employment-based visa categories within our immigration system can play a meaningful role in writing our future economic resurgence.    In addition to USCIS’s administrative efforts, I have been working for many months with interested parties and USCIS to put together a legislative framework to make significant improvements to the overall program.  This framework will provide USCIS with additional authorities to ensure that this important program maintains the highest level of integrity and efficiency.  I have shared this framework with the Judiciary Committee’s ranking member, Senator Grassley, and I hope we can work together to make this program an even more secure and effective job creation engine for Americans across the country.  We should be moving forward without further delay to reauthorize this important program.  Congress must show potential investors from around the world that America welcomes immigrant investors and values their contributions.  If we do not, potential investors will be lost to Canada, the United Kingdom, Australia, and other nations that recognize immigration through investment.  We are already hearing that the uncertainty about the program’s future is a drag on investments and on our economic recovery. The Committee will hear from Bill Stenger of Jay Peak, Vermont.  His work, financed in part through the EB-5 Regional Center Program, has revitalized a very rural part of Vermont, and turned a beloved and iconic Vermont ski resort into a world class, four-season resort.  In Texas, the City of Dallas has recently entered a partnership with a capital management firm to create the City of Dallas Regional Center to develop projects and create jobs for the people of Dallas.  Companies like Marriot Hotels and Lennar Homes have turned to the EB-5 program to finance job-creating projects around the country.  Projects like this are occurring all over America, and there is every reason to support these job creators as well as the immigrants who wish to invest in and contribute to America.  Reauthorization of the EB-5 Regional Center Program should not be controversial.  This program has been in existence for 18 years.  It is time for a permanent authorization to provide investors with the certainty and predictability they need to invest and conduct business with confidence.”WASHINGTON (Wednesday, Dec. 7, 2011) ‘last_img read more

Read More →

David Luiz says Mohamed Salah didn’t feel shirt pull and bemoans penalty decision

first_img Comment Advertisement The Brazilian wasn’t happy with the decision to award Liverpool a spot-kick (Picture: Getty)David Luiz has criticised the decision to award Liverpool a second-half penalty in Arsenal’s 3-1 defeat at Anfield and says Mohamed Salah told him he didn’t even feel the shirt pull.The Brazilian centre-back, a deadline day arrival from Chelsea for £8million, tugged Salah back inside the box at the start of the second half and the referee immediately pointed to the spot.Salah made no mistake from 12 yards – and later bamboozled Luiz again to score his second goal – but the Arsenal defender felt there was not sufficient contact to award a penalty and claims Salah agreed. David Luiz says Mohamed Salah didn’t feel shirt pull and bemoans penalty decision Luiz says there was not enough power in the pull to disrupt Salah (Picture: Getty)Speaking to Sky Sports after the match, Luiz said: ‘I think the second goal, the penalty, killed the game.AdvertisementAdvertisementADVERTISEMENT‘Yes [it was instinctive], I think you cannot take this out of the players, it’s just a reflex. When I turn I see and I take but I take off the power [of the pull].‘That’s when I spoke with Momo [Salah] and he said, “I didn’t feel you touch me, that’s why I didn’t go down to the floor”.More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City‘But now the VAR you cannot see the power [of the shirt pull] so it’s difficult for the referees, he saw the shirt like that. It’s difficult for them, so I cannot complain to the referees.‘If you play with an extra-large shirt now it could be a penalty every time. It’s interpretation. If you pull someone with power and you stop him trying to go to the ball it’s different. This was just a reflex.center_img Luiz says the yellow he received prevented him from stopping Salah for the third goal (Getty)‘But that’s it, he scored the penalty and gave me a yellow. For the third goal I could not make the foul and put my team in trouble with 10 men.‘So I think I conditioned my game after that, it was more difficult, but the team fight until the end.’He added: ‘If I pull your shirt or put my hand on your shirt it’s totally different, the power is different. VAR is difficult for them they cannot see the power. It depends on the interpretation. I spoke with Momo he said, “I didn’t feel that”.’More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal Ewan RobertsSaturday 24 Aug 2019 8:35 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link1.8kShares Advertisementlast_img read more

Read More →

Badger ‘Killer B’s’ give fans reason to grieve, rejoice

first_imgThe Miami Dolphins’ defenses in the mid-1980s were dubbed the Killer B’s, as the Dan Marino-less fish started no less than eight players on defense whose name began with the letter “B” — Bokamper, Betters, Brudzinski, Bowser, Blackwood (x2), Baumhower and Barnett.While Wisconsin has only three members on the team that satisfy the basic requirement for induction into such a group, two of them — sorry, Tanner — had a very notable game Saturday afternoon.Wisconsin’s 49-48 loss to Ohio State was bitter — probably more so than a spoonful of Robitussin with a Keystone Light chaser — but losing out on a chance to share the Big Ten championship and blowing a late lead always are.But no loss hurt more than the loss of junior Brian Butch, without question. Anyone who watched the 6-foot-11 forward writhe in pain on the Value City Arena floor knows that no loss was more painful than Butch’s.In the four-to-six weeks Butch is out, the team will miss him more dearly than Mr. T misses his gold chains.However, while Bucky will sorely miss Butch over his recovery time, fans can take joy in the continued emergence of UW’s next great point guard, Jason Bohannon.In a game where the Wisconsin seniors were about as effective as a Swiss cheese umbrella, Bohannon stepped up huge, scoring 11 points and netting all three of his 3-point attempts.And it appeared for a wee moment as if the freshman drained the game-winning basket, drilling a nothing-but-nylon trifecta from the left corner. Unfortunately, officials ruled that Bo Ryan had called timeout prior to the shot.Sunday’s standout performance is simply the latest evidence that the Grateful Red should be very excited to watch “J-Bo’s” career develop. Bohannon might be a rookie, but he plays with the poise of an over-aged player like Danny Almonte.It was evident from the beginning Bohannon was not your typical freshman. Over UW’s first five games he committed zero — repeat — ZERO turnovers and 11 assists, playing at least 16 minutes in each contest and drawing the praise of Ryan.Like a Playboy cover, that was just a teaser.Later, in a key road trip to Iowa — where Bohannon was named the state’s Mr. Basketball in 2006 — the Marion, Iowa, native received a rude welcoming home from the Hawkeyes’ crowd.Bohannon played just three minutes, but made a lasting impression. While in the game, the point guard was booed like Santa in Philadelphia by the home crowd every time he touched the ball. How did he respond? By calmly hitting a 3 on his first shot.The following game, Wisconsin saw its 17-game winning streak come to a close against Indiana, where the Badgers experienced maybe the most hostile crowd of the season. Bohannon did what nobody could’ve expected him to do: maintain his composure. In 20 minutes he tallied three assists, zero turnovers and four huge points.Since then, the fab frosh has sparked UW’s win over Penn State (11 points) and played inspired ball on the road at Ohio State, where so much was on the line. You get the feeling he would keep his cool even if he had a broiler for a dorm room.While Bohannon is fast becoming a fan favorite — and for good reason — there are still very mixed feelings about Butch in BadgerNation.Coming to Madison as the most hyped recruit in the school’s history, Butch was undersized physically to play right away, needing a redshirt year to build his strength. Once he hit the floor, the Polar Bear experienced growing pains, earning the ire of some fans and ESPN’s Doug Gottlieb, who called the forward the Big Ten’s most overrated player in the 2003-04 season.Much like the BCS, Brooks Bollinger and Waffle House, Butch has received way too much criticism. Averaging just shy of nine points and six rebounds, Butch has been more than productive in his UW career: Dave Mader he is not.It’s also important to note that during his career Butch has been driving his mother to chemotherapy treatments, dealing with a bout of mono and having to suffer through several injuries major enough to affect his game or force him to sit out.However, regardless of your feelings on the Badger big man, this much is for sure — Wisconsin is losing its best rebounder and a key 3-point threat to stretch the defense in Butch.You think teams were packing the paint on Alando Tucker and UW before? Wait ’til you see what it looks like when the opponents’ center doesn’t have to leave the paint to guard a perimeter jumper. The area around the basket is going to look like Bourbon Street during Mardi Gras more often than not from now on.Still, while one Badger went down, another continues to rise up, this time being Bohannon.It might be of small consolation if Butch’s injury directly correlates to a disappointing finish to UW’s historic season, but — I’d never thought I’d write this — it’s a good time to be a freshman, if only to watch what is shaping up to be a spectacular career blossom.It’s enough to make Sunday’s loss bittersweet. Almost.Dave is a senior majoring in English and journalism. If you have any sentiments on the Polar Bear or J-Bo you can reach him at [email protected]last_img read more

Read More →

Beckham set to launch long-sought Miami MLS club

first_imgThe Miami Fusion, which made their debut in the 1998 MLS season, played for four seasons before being cut from the league after the 2001 campaign amid low ticket sales and the lowest revenues of any team in the competition.Beckham, 42, retired in 2013 after a 20-year career that saw him win league crowns with Manchester United in England, Real Madrid in Spain, the Galaxy in North America and Paris Saint-Germain in his farewell matches.He also played for England from 1996 to 2009, winning 115 caps.His five-year stint in MLS with the Galaxy boosted football’s profile in North America and contributed to the steady growth in attendances across the MLS.We are @Southern_Legion pic.twitter.com/t2QLjf1Mkp— MLS in MIAMI (@Miami_MLS) January 7, 2016When Beckham arrived in 2007, average attendances through the league were 16,770; when he ended his five-year stint they had increased to 18,807 per game. By 2017, that number had increased to 22,113.Beckham’s move to MLS was also followed by several high-profile European stars nearing the end of their careers.England teammates Frank Lampard and Steven Gerrard both later moved to MLS, along with Italy’s Andrea Pirlo and Spanish striker David Villa.Announcing plans for his Miami team four years ago, Beckham said he had already identified players who he hoped to lure to Florida.“It would be disrespectful for me to say what players I want in the team. But we have a list of players,” Beckham said in 2014.“I’ve been fortunate to play with some of the best players in the world and some of them are calling me up to ask me when Miami is happening.”Share on: WhatsApp Miami, United States | AFP | Former England captain David Beckham will unveil his long-sought Major League Soccer expansion team at a Monday news conference in Miami, bringing a conclusion to a turmoil-filled four-year quest.MLS announced Friday it will “make a major announcement regarding the future of soccer in Miami” on Monday, inviting ticketed members of the public to what is expected to be the announcement of a 25th league [email protected] Don’t let Beckham and the fans down. pic.twitter.com/m80dQgmS3w— MLS in MIAMI (@Miami_MLS) January 9, 2016The team is expected to begin MLS play in 2020 at a 25,000-seat stadium to be built in Miami’s Overtown neighborhood.Just over 11 years after announcing he would leave Real Madrid for the MLS Los Angeles Galaxy in a deal that included the chance to purchase an expansion team at a reduced rate, Beckham will make good on plans he first announced in February 2014.Several failed stadium sites delayed his consortium’s efforts, other MLS teams making their debuts while Beckham struggled to get his off the ground, unable to find an agreeable place for a specially built venue.The group edged closer to success last year after securing a land deal for a proposed stadium project, waterfront sites and others near the Miami Marlins baseball stadium and NBA Miami Heat arena having earlier fallen though.MLS Commissioner Don Garber said last month the Miami franchise project was “the most complicated situation in any market that we’ve experienced” because of the Miami area political structure and fast-changing real estate environment.One of the stadium proposals for David Beckham’s MLS team in Miami. Make it happen, this stadium is world class. pic.twitter.com/TUQl2Cxs6q— ️ (@Total_MLS_) January 7, 2016Launch of the new Beckham-backed team will mark the second attempt to start a Miami-based MLS franchise.last_img read more

Read More →