$600 Million Northeast Kingdom Economic Development Initiative Moves Formward

Jay Peak Owners Provide Northeast Kingdom Economic Development Initiative Update

(Newport, VT)- Jay Peak owners, Bill Stenger and Ariel Quiros, provided the media today with an update detailing the ongoing progress of the $600 Northeast Kingdom Economic Development Initiative (NEKI).

Stenger and Quiros introduced Dr. Ike Lee and Todd Bachelder as the incoming CEO’s of AnC Bio Vermont and Menck USA, respectively.

“I am delighted to be in Newport today to introduce Dr. Lee and Mr. Bachelder,” said Jay Peak Co-owner Ariel Quiros. “The hiring of these CEO’s is a good indication of the progress that the Northeast Kingdom Economic Development Initiative is making.”

Dr. Lee has been President of AnC Bio in Korea since 2009 and will now take over AnC Bio Vermont’s operations. Prior to his work at AnC Bio, Dr. Lee co-founded and was Chief Scientific Officer of Cardio3 SA. Dr. Lee is a graduate of Harvard Medical School and the University of Michigan. 

“I am excited to join the AnC Bio Vermont team here in Newport,” said Dr. Lee. “AnC Bio Vermont is a dynamic company that will deliver cutting edge medical technologies to customers throughout the world while offering good paying jobs to Vermonters.”

Todd Bachelder comes to Newport from Farmingdale Maine. He was previously Chief Operating Office of Duratherm Window. Mr. Bachelder joined Menck Windows full time the first of March and will be moving to the Newport area with his wife shortly.

“Thanks to the support of our Menck USA investor group, window partner Menck Fenster of Hamburg Germany and many here in the Northeast Kingdom, I have been able to hit the ground running. I look forward to the months ahead when we will be retrofitting and equipping our facility, hiring skilled workers and beginning production,” said Bachelder.

Bill Stenger provided an updated timeline and progress report for the projects that make up the Northeast Kingdom Economic Development Initiative. 

“I am pleased to welcome both Dr. Lee and Todd (Bachelder) to Newport and am thrilled with the progress that the Northeast Kingdom Economic Development Initiative is making,” said Stenger. “Our fundraising, permit and design work are all on track and we look forward to getting down to the business of hiring Vermonters.”

• Menck USA: Retrofitting of the Bogner building will begin early summer and Menck USA should begin production in the first quarter of 2014.

• AnC Bio Vermont: Construction of the AnC Bio Vermont facility will begin this fall and the company aims to open its doors in December 2014.

• Burke Mountain: Permitting has begun for Phase I of the resort’s development and pending approval, construction of the first two hotels and lodge will begin this summer with an opening planned for the lodge/hotels in December 2014.

• Newport Renaissance Block: Construction of the new building is planned for Spring 2014 with a targeted opening date during summer, 2015.

• Newport Marina and Conference Center: Construction of the facility is planned to begin in fall, 2014 with a targeted opening date of December 2015.

• Newport Airport: Environmental assessments and permitting has begun and pending approvals, construction on runway extension, terminal aprons, flight schools, and bonded warehouses is scheduled to begin in 2014. NVDA recently announced that the airport has been approved by the Foreign Trade Zones (FTZ) Board as a Free Trade Zone. This will attract commercial enterprises to operate their businesses at the airport.