Ragged Mountain is one of our favorite local ski areas. We have been skiing there for years. They are a ski area by winter and a golf course by summer. Both of this venues are quite weather dependent -- if you have a warm winter or lots of rain, the mountain attendance drops and if there is a rainy summer, the golf course suffers attendance. Both ventures require lots of grooming and landscaping and both ventures hire a good amount of staff.
In an effort to compete with larger ski areas and larger golf courses, Ragged wants to enlarge and renovate. And they want to do it to the tune of $35 million.
In an effort to finance this project, they are hoping that a little known government program will assist them. This program looks for investors in China.
More specifically, it agrees to give investors and their families green cards in exchange for a $500,000 investment. This program sets up investor and families with a green card and permission to live in anywhere in the United States.
So, for $500,000 an entire family from China can buy their green card from our government called the EB-5 visa program created in 1990. Governor Lynch is a supporter and sent letters to the federal government supporting this plan.
In 2010, over 1,800 visas were given by this program.
Next moth, Ragged officials make their rounds in China to sell their offers of visas for cash. Ragged is the first NH corporation to get approval to participate in this program.
Does this seem right to you?