AUGUSTA — Franklin County and Livermore Falls have been granted a special federal designation that will help the region attract foreign investors, Department of Economic and Community Development Commissioner George Gervais announced Tuesday.
Known as “EB-5,” the designation gives foreign nationals a path to a green card and residency in the U.S. if they make an investment in a business located in Franklin County or Livermore Falls in Androscoggin County. The minimum investment is $500,000 and the investment must create 10 jobs directly or indirectly.
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The jobs would be filled by people living in the area, not by the investors who move here from other countries, Gervais said.
Christopher Farmer, Saddleback Mountain general manager and the driving force behind the application, said at a State House press conference that new investments must be targeted to ski lodges and resorts, testing laboratories, wood products manufacturing, restaurants, those who lease nonresidential buildings, museums and construction.
“Growing up in Franklin County, I watched hundreds of good quality manufacturing jobs disappear from the area, leaving the state for foreign lands,” Farmer said. “This is a unique opportunity to bring investment dollars back from those areas to Franklin County and create good-paying long-term jobs.”
Even before Tuesday’s formal announcement, Farmer said he’s been contacted by a handful of potential investors. The ski mountain is hoping to expand as part of a 10-year plan, he said.
Farmer first heard about the program in 2008 when a marketing strategist mentioned that Jay Peak Resort in Jay, Vt., and the state of Vermont had success with the program. There, the visa program has attracted more than $200 million in foreign investment and created thousands of jobs in recent years.
In 2009, the Greater Franklin Development Corp. in Maine approved a grant to help pay for the legal costs involved in applying for the regional center.
USA Lifestyles Inc. is the name of the regional center, which is a collaborative venture between the development corporation, Saddleback Mountain, and Otis Ventures. The EB-5 designation comes from the U.S. Citizenship and Immigration Services. Farmer said U.S. Sen. Susan Collins, R-Maine, helped the group get through the federal red tape.
Earlier this year, state lawmakers asked the state to apply for the designation as part of a law aimed at improving the business climate. The idea came from Rep. Linda Valentino, D-Saco, who heard about the program from parents of students at Thornton Academy.
For foreign families with money to invest, the program provides a way to move to the U.S. to take advantage of the educational system, Gervais said. The state is not a part of the new regional center, but will monitor its success to see if a similar program can be launched in other parts of the state or statewide, he said.
The regional center is the first in Maine to get the designation, although it’s been granted across the country at more than 100 centers in 32 states.
“This distinction helps pave the way for creating new jobs for Maine people without taxpayer assistance,” Gervais said.
Susan Cover — 620-7015
scover@mainetoday.com
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