Vt. ski resort launches project with foreign money

Associated Press

JAY, Vt. -- Vermont's Jay Peak Ski Resort is launching a giant expansion project funded in part with money from foreign investors who were given U.S. residency permits in exchange for their money.

US Senator Patrick Leahy will give the keynote address today at the groundbreaking for a 275,000-square foot hotel and what is being billed as the largest water park in the Northeast, which will include a retractable roof. Leahy has been a proponent of the EB-5 Foreign Investor Visa program, which grants investors residency and eventual U.S. citizenship in exchange for their investments.

A number of businesses along Vermont's border with Quebec have used the program to get investment money.