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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 put in one high-risk job, and if you assemble a lot of fifty percent million bucks in a pool in a job, that can be a big task, and it can create a great deal of tasks.


[The prepared declaration of Robert C. Divine looks like an entry for the record.] Chairman Leahy. Well, I value that significantly, and allow me ask a few inquiries. Mr. Stenger, you have been entailed with this program for years. Obviously, in the type of company you remain in, you have to try to find investment and financing opportunities anywhere you can.


Mr. Stenger. EB5 Regional Center Program. Senator, we have been able to broaden our hotel that, as I stated earlier, was founded in 1955, an extremely prominent ski resort.


Mr. North was pointing out that the large guys do not raise money this method. We are transforming the lives of many hundreds of people in our region.

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We have worked hard at it, and we are changing the landscape of the economy in an or else unbelievable hard time. I would certainly inform you that the EB-5 program has aided us develop our business, but we are additionally making an effect on various other services and other opportunities in our area at a time when growth is just not taking location in other places.


Well, you discussed Mr. North. He has also claimed that this money is more probable to show up in rotting ski resorts in Vermont. I understand if you work at a brain trust inside the Beltway the idea that someone would really rely on a ski hotel-- I imply, this is a community that will shut down in 3 inches of snow.




What kind of reaction do you obtain from these capitalists around the globe when they see us going from short-term to temporary to temporary reauthorizations? Mr.


Senator, in a word, it is uncertainty, and with uncertainty goes unpredictability question of concern or not an investor should participate in get involved program. Having a long-term permission will certainly offer jobs the opportunity to strategy and establish excellent programs and great projects, yet it likewise gives the capitalist the sense of self-confidence that what they end up being involved in will certainly have a chance to be developed to its conclusion.


Well, let me ask a bit more concerning that. You speak about having, when this is ended up, up to 2,000 individuals working there. I recognize this area really, extremely well, as you have actually discussed, and an awful great deal of the jobs there are minimal wage jobs when they are offered at all.

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I think, speaking to carpenters and plumbers and electrical experts there, that they are doing a lot much better than they did in the past. Is that appropriate? Mr. Stenger. I would tell you that the labor force that is associated with our programs, there are 2 kinds here of workers. There is the developing team, and after that there is the functional team.


I happen to bring a picture with me-- and I will certainly share it with you afterwards-- of just a fraction of the building and construction employees that were involved in this past winter months, last winter. We had 550 building employees on our task in north country Vermont - EB5 Regional Center Program. It was the biggest construction project in the State


Now that the building is nearing completion and we are going on to other building programs, the functional facet of the center starts. And we are increasing our full-time employment this year by over 500 people alone just this year. So it is an amazing improvement, and it is occurring 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 because they obtain access ahead to this country. I would reiterate again what-- in our certain case, we have medical professionals, attorneys, designers, accountants, entrepreneurial individuals, all component of our financial investment group bringing their skills, their education and learning. They are living around the country.


Chairman Leahy. It is not what you would certainly call a decaying ski hotel. Mr. Stenger. No. I would certainly just share that we will really kick the ski seasons off in Vermont. We will certainly invite 4 million skiers to the State. We have 16 fantastic ski locations. It is 25 percent of our economy.


We are growing, and we are a terrific area to go to, and I welcome you all ahead. Chairman Leahy. The number of millions you are talking around, I need to just note for the document, Legislator Grassley, we are a State of 650,000 individuals, so that has a multiplier impact.




Mr. Stenger. One of the great advantages for me directly in this program has actually been the chance to satisfy and welcome almost every investor to our center.

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They have actually seen firsthand the impact that their financial investment is making. They have seen the hundreds of building and construction workers.