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Half a million bucks is a lot of cash. It is a great deal of money for a single person to place in one risky job, and if you create a number of fifty percent million dollars in a swimming pool in a project, that can be a huge project, and it can produce a whole lot of work.


[The prepared statement of Robert C. Divine appears as a submission for the document.] Chairman Leahy. Well, I appreciate that quite, and let me ask a couple of inquiries. Mr. Stenger, you have actually been included with this program for several years. Clearly, in the type of company you remain in, you have to search for investment and financing opportunities wherever you can.


Mr. Stenger. EB5 Regional Center Program. Senator, we have actually been able to increase our resort that, as I said previously, was started in 1955, a really prominent ski hotel.


It is all small companies. Mr. North was pointing out that the large people do not elevate cash this means. Well, we are a little business in a country component of Vermont, and raising capital in this manner has actually worked for us. We are transforming the lives of numerous hundreds of people in our region.

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We have actually worked hard at it, and we are altering the landscape of the economy in an otherwise amazing challenging time. So I would inform you that the EB-5 program has helped us develop our company, but we are likewise making an effect on various other businesses and other chances in our area at a time when advancement is simply not occurring elsewhere.


Well, you discussed Mr. North. He has also said that this cash is most likely to appear in worn out ski hotels in Vermont. I realize if you function at a brain trust inside the Beltway the idea that someone would in fact rely on a ski hotel-- I suggest, this is a town that will certainly close down in 3 inches of snow.




But allow me ask you this: You have actually taken a trip thoroughly. You have actually spoken to several prospective capitalists around the globe. We have these present temporary consents. What kind of reaction do you receive from these financiers worldwide when they see us going from short-term to temporary to temporary reauthorizations? Mr.

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Legislator, in brief, it is uncertainty, and with uncertainty goes the question of whether or not a financier must join a program. Having a long-term permission will give projects the opportunity to strategy and establish great programs and excellent jobs, yet it likewise gives the financier the feeling of self-confidence that here what they end up being included in will certainly have a chance to be created to its completion.


Well, let me ask a little much more regarding that. You speak about having, when this is finished, up to 2,000 individuals working there. I understand this area really, quite possibly, as you have stated, and an awful great deal of the jobs there are minimal wage tasks when they are readily available in all.

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Mr. Stenger. I would tell you that the labor force that is involved in our programs, there are two kinds of workers.


I occur to bring a photo with me-- and I will certainly share it with you after that-- of just a fraction of the building and construction workers that were included in this past wintertime, last winter months. We had 550 construction employees on our job in northern country Vermont - EB5 Regional Center Program. It was the largest building and construction task in the State


Since the building is nearing completion and we are going on to various other construction programs, the functional facet of the facility starts. And we are boosting our full-time work this year by over 500 people alone just this year. It is an exceptional change, and it is taking area in a country neighborhood that, without this program, none of this would be going on.

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And, naturally, it is a win for the investor due to the fact that they get accessibility to coming to this country. I would certainly restate once again what-- in our specific situation, we have physicians, legal representatives, engineers, accountants, business individuals, all component of our financial investment group bringing their skills, their education. They are living around the country.


Chairman Leahy. It is not what you would certainly call a decaying ski resort. Mr. Stenger. No. I would simply share that we will truly kick the ski periods off in Vermont. We will invite 4 million skiers to the State. We have 16 remarkable ski locations. It is 25 percent of our economic climate.


We are thriving, and we are a remarkable area to see, and I invite you all ahead. Chairman Leahy. The number of millions you are speaking about, I must simply note for the document, Legislator Grassley, we are a State of 650,000 individuals, to make sure that has a multiplier effect.




Mr. Stenger. One of the fantastic benefits for me directly in this program has been the chance to meet and welcome practically every financier to our facility.

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I have met personally 95 percent of them, invited them to the location, revealed them what we are doing. They have actually seen firsthand the effect that their investment is making. They have actually strolled the building. They have actually seen the numerous building workers. They take terrific pride in what we are doing.