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Half a million dollars is a whole lot of cash. It is a lot of cash for one person to put in one risky job, and if you place together a bunch of fifty percent million bucks in a swimming pool in a project, that can be a large project, and it can create a whole lot of work.


[The prepared statement of Robert C. Divine appears as a submission for the record.] Chairman Leahy. Well, I appreciate that very much, and let me ask a few concerns. Mr. Stenger, you have been included with this program for several years. Certainly, in the type of business you are in, you have to search for investment and funding possibilities wherever you can.


Mr. Stenger. EB5 Regional Center Program. Legislator, we have been able to broaden our resort that, as I said previously, was founded in 1955, a very popular ski hotel.

Mr. North was pointing out that the big men do not raise money this means. We are altering the lives of several hundreds of individuals in our region.

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We have actually striven at it, and we are changing the landscape of the economic situation in an otherwise amazing tough time. I would inform you that the EB-5 program has helped us construct our company, but we are also making an effect on other companies and other chances in our region at a time when development is just not taking location elsewhere.


Well, you pointed out Mr. North. He has also claimed that this cash is most likely to appear in rotting ski resorts in Vermont. I understand if you work at a think container inside the Beltway the idea that someone would actually count on a ski resort-- I suggest, this is a town that will certainly close down in 3 inches of snow.




But let me ask you this: You have actually traveled extensively. You have actually spoken with numerous possible capitalists worldwide. We have these present temporary authorizations. What type of response 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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Legislator, in a word, it is unpredictability, and with unpredictability goes the question of whether a financier should take part in a program. Having an irreversible permission will offer projects the opportunity to strategy and develop excellent programs and good tasks, however it also offers the financier the feeling of confidence that what they become associated with will have a chance to be developed to its completion.


Well, allow me ask a bit more about that. You discuss having, when this is finished, up to 2,000 individuals functioning there. I recognize this location extremely, quite possibly, as you have actually pointed out, and an awful lot of the tasks there are minimal wage jobs when they are offered at all.

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I obtain the impression, talking with woodworkers and plumbing professionals and electricians there, that they are doing a great deal far better than they did in the past. Is that right? Mr. Stenger. I would certainly inform you that the workforce that is associated with our programs, there are 2 sort of workers. There is the developing 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 construction employees that were associated with this previous winter, last winter season. We had 550 construction workers on our job in north 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 conclusion and we are going on to other building and construction programs, the operational aspect of the facility starts. And we are increasing our full time work this year by over 500 individuals alone just this year. It is an exceptional transformation, and it is taking area in a country community that, without this program, none of this would be going on.

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And, naturally, it is a win for the capitalist due to the fact that they obtain access to coming to this country. I would restate again what-- in our certain instance, we have physicians, attorneys, engineers, accounting professionals, business people, all part of our financial investment team bringing their abilities, their education. They are living around the nation.


Chairman Leahy. It is not what you would certainly call a rotting ski resort. read more Mr. Stenger. No. I would certainly just share that we will really kick the ski periods off in Vermont. We will welcome 4 million skiers to the State. We have 16 wonderful ski locations. It is 25 percent of our economy.


We are prospering, and we are a terrific location to visit, and I welcome you all to find. Chairman Leahy. The number of millions you are speaking about, I should simply note for the document, Legislator Grassley, we are a State of 650,000 people, so that has a multiplier impact.

Mr. Stenger. One of the great benefits for me directly in this program has actually been the opportunity to meet and welcome virtually every investor to our facility.

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