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Half a million dollars is a great deal of cash. It is a great deal of money for one individual to put in one dangerous task, and if you assemble a number of fifty percent million dollars in a swimming pool in a project, that can be a large project, and it can develop a great deal of jobs.


[The prepared statement of Robert C. Divine appears as an entry for the document.] Chairman Leahy. Well, I appreciate that extremely much, and let me ask a few inquiries. Mr. Stenger, you have actually been involved with this program for numerous years. Certainly, in the type of organization you remain in, you have to try to find investment and funding opportunities anywhere you can.


Mr. Stenger. Senator, we have been able to broaden our hotel that, as I claimed previously, was started in 1955, a really prominent ski resort. Our objective from a company viewpoint is to convert it to a year-round center. We are presently utilizing-- this coming winter months we will certainly utilize over 1,200 people at the resort itself.


Mr. North was discussing that the big men do not elevate cash this way. We are changing the lives of numerous hundreds of individuals in our region.

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We have actually striven at it, and we are altering the landscape of the economic situation in an or else amazing challenging time. So I would tell you that the EB-5 program has helped us construct our firm, yet we are likewise making an effect on other companies and other possibilities in our region each time when growth is just not taking area somewhere else.


Well, you discussed Mr. North. He has likewise claimed that this money is most likely to turn up in rotting ski resorts in Vermont. I understand if you function at a think storage tank inside the Beltway the idea that somebody would actually rely on a ski hotel-- I mean, this is a community that will fold in 3 inches of snow.




What kind of response do you get from these investors around the world when they see us going from temporary to short-term to temporary reauthorizations? Mr.


Senator, legislator a word, it is uncertainty, unpredictability with uncertainty goes unpredictability question of inquiry or not an investor should participate need to get involved program. Having a permanent consent will offer tasks the chance to plan and create great programs and great tasks, but it also provides the investor the feeling of confidence that what they become involved in will certainly have a chance to be developed to its conclusion.


Well, allow me ask a little bit much more about that. You discuss having, when this is completed, approximately 2,000 people working there. I understand this location really, really well, as you have stated, and a terrible great deal of the tasks there are base pay tasks when they are offered in any way.

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I think, talking with woodworkers and plumbing technicians and electrical contractors there, that they are doing a lot much better than they did before. Is that appropriate? Mr. Stenger. I would tell you that the labor force that is involved in our programs, there are two sort of workers. There is the developmental group, and afterwards there is the operational group.


I take place to bring an image with me-- and I will share it with you after that-- of just a portion of the building and construction workers that were included in this past winter, last winter. We had 550 building employees on our project in north rural Vermont - EB5 Regional Center Program. It was the biggest building and construction job in the State


Currently that the construction is nearing completion and we are website taking place to other building programs, the functional element of the center begins. And we are boosting our permanent work this year by over 500 individuals alone just this year. So it is a remarkable change, and it is occurring in a country area that, without this program, none of this would be taking place.

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And, certainly, it is a win for the financier since they obtain access ahead to this country. I would certainly restate again what-- in our particular case, we have doctors, lawyers, designers, accountants, business individuals, all part of our investment group bringing their skills, their education and learning. They are living around the nation.


Chairman Leahy. Mr. Stenger. I would certainly just share that we are regarding to truly kick the ski seasons off in Vermont.


We are prospering, and we are a fantastic location to visit, and I invite you all to come. Chairman Leahy. The variety of millions you are speaking about, I should just note for the record, Senator Grassley, we are a State of 650,000 individuals, so that has a multiplier result.




Mr. Stenger. One of the excellent advantages for me directly in this program has actually been the chance to satisfy and invite nearly every financier to our facility.

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I have fulfilled personally 95 percent of them, invited them to the area, shown them what we are doing. They have actually seen firsthand the influence that their financial investment is making. They have actually strolled the home. They have seen the hundreds of building employees. They take excellent satisfaction in what we are doing.