$52 million is being spent on snowmaking and new base facilities.
Friday, June 16, 2017, NewEnglandSkiIndustry.com
Carinthia Groundbreaking, June 12, 2017
After nearly two years of delays, Mount Snow's $52 million EB-5 immigrant investor construction project is now hitting full steam.
Under the EB-5 program in Vermont, a foreigner can invest $500,000 in an approved United States business (which must then create or preserve 10 jobs per investor), in exchange for a green card. Upon nearing its $52 million EB-5 investment goal, Mount Snow's owner, Peak Resorts, fronted $12 million to start the construction of West Lake in 2015. While the company was expecting to have the $52 million in EB-5 funds released by early 2016, the alleged Jay Peak EB-5 Ponzi scheme reportedly contributed to significant delays in government processing.
As the delays continued, Peak Resorts found itself in a dire cashflow situation, resulting in layoffs and a bridge loan. The escrow restrictions were finally removed in late 2016 when the United States Citizenship and Immigration Services approved the project's I-526.
West Lake
Long John Trail Widening, Spring 2017
Construction of the $30 million West Lake snowmaking project has been ongoing this spring as pipeline is being installed and pump houses constructed. The West Lake reservoir is expected to provide a 600% improvement over Mount Snow's current 20 million gallon snowmaking water storage. 33,500 feet of snowmaking pipe is expected to be installed on the mountain in time for the 2017-18 season. Trail widening is also taking place.
Meanwhile, Mount Snow officially broke ground on its $22 million Carinthia base area project earlier this week. An initial phase of the project was completed last year when the Ski Baba chairlift was replaced with a Magic Carpet lift. A 38,000 square foot lodge is expected to be completed for the 2018-19 season, featuring seating, dining, ski rentals, and retail. The small base lodge to be replaced dates back to when Carinthia opened as a private club ski area in the 1960s.
