(AP) Sen. Patrick Leahy is hailing legislation signed into law
by President Barack Obama that is expected to be key to a series of
big economic investments in northern Vermont.
Leahy has been a key backer of the EB-5 Immigrant Investor
Regional Center program, and Obama on Friday signed a three-year
extension of the program.
Leahy and other officials say it will enable foreign investors
to bring some $500 million in capital to help expansions at the Jay
Peak and Burke Mountain ski areas, new manufacturing and commercial
development in downtown Newport and improvements to the state
airport in Coventry.
Leahy says the program doesn't cost taxpayers anything, but
promotes economic development by making it much easier for foreign
investors to bring their money to Vermont.
A $500 million economic development project in the Northeast
Kingdom was unveiled on Thursday, Sept. 27 promising 10,000 jobs in
a region that badly needs an economic boost.