Foreign investment goal of Franklin program
Maine has received federal approval to open a center that will encourage foreign investment by offering green cards in exchange for investments of $500,000 or more in select industries that create jobs.
The U.S. Department of Homeland Security's Citizenship and Immigration Services has authorized USA Lifestyles Inc. to create a regional center in Rangeley to consider applications for EB-5 visas from foreign investors willing to invest in greater Franklin County, according to Chris Farmer, president of the company and general manager for Saddleback ski resort. The industries that have been approved for the program are ski resorts and lodgings, testing laboratories, wood product manufacturers, museums, construction, commercial lessors and restaurants. The minimum investment is $500,000, which must create employment, either directly or indirectly, for a minimum of 10 people for at least 18 months. The program is patterned after a regional EB-5 center in Vermont that is connected to Jay Peak ski and golf resort that has attracted 380 EB-5 investors, providing the financing for expansions, ice rinks and new hotels, says Farmer.
"Our goal is to duplicate the success of Jay Peak. We want to create jobs in western Maine," Farmer told Mainebiz. "This is a bright light in a tough economy." The area included in the program is Franklin County as well as Livermore Falls in Androscoggin County.
Saddleback ski resort in Rangeley and Otis Ventures in Jay split the legal fees to get the center established, said Farmer. Greater Franklin County Development Corp. is also a partner. It is the first EB-5 center in Maine. The program will be formally announced today at 2 p.m. at the State House.
Editor's note: This is a corrected version of the original item.
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