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Half a million dollars is a lot of money. It is a whole lot of cash for one individual to place in one risky task, and if you create a number of fifty percent million bucks in a swimming pool in a project, that can be a big job, and it can develop a great deal of jobs.


[The prepared statement of Robert C. Divine looks like an entry for the record.] Chairman Leahy. Well, I value that quite, and allow me ask a couple of inquiries. Mr. Stenger, you have been involved with this program for several years. Undoubtedly, in the sort of company you are in, you have to seek investment and funding possibilities anywhere you can.


Mr. Stenger. Senator, we have been able to expand our resort that, as I said earlier, was established in 1955, an incredibly popular ski hotel. Our goal from a service viewpoint is to convert it to a year-round facility. We are presently using-- this coming winter months we will certainly utilize over 1,200 people at the resort itself.


Mr. North was discussing that the large men do not increase cash this means. We are changing the lives of numerous hundreds of people in our area.

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We have actually striven at it, and we are changing the landscape of the economic climate in an otherwise amazing tough time. I would certainly inform you that the EB-5 program has aided us construct our business, yet we are additionally making an effect on various other companies and various other chances in our region at a time when growth is simply not taking area somewhere else.


Well, you discussed Mr. North. He has additionally stated that this money is more probable to turn up in worn out ski resorts in Vermont. I realize if you operate at a brain trust inside the Beltway the concept that someone would actually rely on a ski resort-- I mean, this is a community that will fold in 3 inches of snow.




Yet allow me ask you this: You have actually traveled extensively. You have actually spoken with many possible financiers around the globe. We have these existing temporary authorizations. What sort of reaction do you receive from these investors around the globe when they see us going from short-term to temporary to temporary reauthorizations? Mr.

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Senator, in a word, it is uncertainty, and with unpredictability goes the inquiry of whether a financier should participate in a program. Having a permanent authorization will certainly offer jobs the opportunity to strategy and develop excellent programs and great projects, yet it also offers the financier the sense of self-confidence that what they become associated with will have a possibility to be established to its conclusion.


Well, allow me ask a bit extra concerning that. You speak about having, when this is completed, approximately 2,000 people functioning there. I know this location very, effectively, as you read this have actually stated, and a terrible great deal of the work there are minimum wage jobs when they are offered in all.

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I think, talking with carpenters and plumbings and electricians there, that they are doing a whole lot much better than they did previously. Is that appropriate? Mr. Stenger. I would inform you that the workforce that is associated with our programs, there are 2 type of workers. There is the developmental team, and afterwards there is the functional team.


I take place to bring a photo with me-- and I will share it with you after that-- of just a portion of the building and construction workers that were associated with this previous winter months, last winter season. We had 550 construction workers on our task in northern rural Vermont - EB5 Regional Center Program. It was the largest building and construction project in the State


Now that the building and construction is nearing completion and we are going on to other building and construction programs, the functional element of the center starts. And we are increasing our full time work this year by over 500 people alone just this year. So it is a remarkable improvement, and it is occurring in a country community that, without this program, none of this would be taking place.

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And, naturally, it is a win for the capitalist because they obtain accessibility to find to this nation. I would reiterate once more what-- in our specific situation, we have doctors, lawyers, designers, accounting professionals, entrepreneurial people, all part of our investment group bringing their abilities, their education and learning. They this link are living around the country.


Chairman Leahy. Mr. Stenger. I would just share that we are concerning to really kick the ski periods off in Vermont.


We are growing, and we are a remarkable location to see, and I welcome you all to come. Chairman Leahy. The number of millions you are talking around, I must just keep in mind for the document, Senator Grassley, we are a State of 650,000 individuals, to ensure that has a multiplier effect.




Mr. Stenger. One of the fantastic advantages for me directly in this program has actually been the opportunity to satisfy and invite virtually every investor to our facility.

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I my sources have satisfied personally 95 percent of them, welcomed them to the area, shown them what we are doing. They have seen firsthand the impact that their investment is making. They have walked the building. They have actually seen the thousands of construction workers. They take terrific satisfaction in what we are doing.