This state keeps going from bad to worse.
The Coos County Democrat Newspaper is reporting that the now shuttered Balsam’s Hotel is now seeking EB-5 funding to jumpstart its languishing redevelopment efforts.
I think this is an effort that will fall short. No so much on the intention(s) on the Balsam’s but on the failed political leadership in this state including DRED Commissioner Jeff Rose.
For those of you that might not be familiar with the EB-5 program this is a federally advanced program that grants U.S. citizenship to parties that are willing to invest $1,000,000.00 or more into a U.S. based venture that creates 10 or more jobs on a full-time basis. Basically, U.S. citizenship can be purchased.
Vermont is currently making extensive use of the EB-5 program with reported multimillion dollar investments from places like China and Singapore coming into impoverished areas of Vermont like the Northeast Kingdom; which is directly across the Connecticut River from where the Balsams Hotel in Dixville Notch, NH is located.
I see lots of problems with the use of EB-5 in New Hampshire.
For starters the entire Vermont Congressional Delegation is behind their EB-5 proposal as is their Governor and have been for some time they’ve done substantial coordinated groundwork to make this happen and from what I’m reading despite their efforts this still “isn’t a done deal.”
This type of coordinated political leadership doesn’t exist in New Hampshire. It just doesn’t. I try not to deal in rumors on this board but I heard a credible rumor that Gov. Lynch was approached numerous times about NH participating in the EB-5 program. At first he flatly denied the idea and then when pressed wanted to have a “feasibility study” done about the program financed by the individuals that were proposing the idea.
Yes, they’res a new sheriff in town I don’t know what the position(s) are of one Gov. Margaret Wood Hassan I’m very skeptical of everything she is doing. I don't see her doing much diffrent than Lynch did.
I’d also like to know why the Balsams can’t get regular investment financing for its capital project and perhaps a state loan guarantee or even the assistance of DRED Commissioner Rose instead of chasing money half way around the globe. Perhaps they could work with an “angel investor” like possible U.S. Senate candidate Jim Rubens?