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However half a million bucks is a great deal of money. It is a great deal of cash for one person to put in one high-risk project, and if you place together a bunch of fifty percent million bucks in a swimming pool in a job, that can be a large job, and it can create a great deal of jobs.


[The prepared statement of Robert C. Divine shows up as a submission for the document.] Chairman Leahy. Well, I appreciate that significantly, and let me ask a few questions. Mr. Stenger, you have actually been included with this program for years. Certainly, in the type of business you are in, you need to seek financial investment and funding opportunities any place you can.


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


It is all small companies. Mr. North was pointing out that the big men do not elevate cash in this manner. Well, we are a tiny company in a rural component of Vermont, and elevating capital in this manner has actually worked for us. We are transforming the lives of many numerous individuals in our region.

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We have actually worked hard at it, and we are altering the landscape of the economic climate in an or else extraordinary hard time. I would certainly inform you that the EB-5 program has actually aided us build our company, yet we are additionally making an impact on other services and other possibilities in our region at a time when growth is simply not taking area in other places.


Well, you pointed out Mr. North. He has also said that this cash is a lot more likely to turn up in rotting ski resorts in Vermont. I recognize if you operate at a think tank inside the Beltway the concept that someone would really rely on a ski resort-- I indicate, this is a community that will certainly shut down in 3 inches of snow.




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


Senator, in a word, it is uncertainty, and with uncertainty goes the question of concern or not an investor should capitalist must get involved program. Having an irreversible permission will certainly offer projects the chance to strategy and create great programs and good tasks, yet it likewise gives the financier the feeling of confidence that what they become entailed in will have a possibility to be developed to its conclusion.


Well, let me ask a bit much more concerning that. You speak about having, when this is completed, approximately 2,000 individuals working there. I understand this location really, quite possibly, as you have mentioned, and a terrible great deal of the work there are minimum wage work when they are offered at all.

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I think, speaking with carpenters and plumbing technicians and electrical contractors there, that they are doing a whole lot better than they did in the past. Is that appropriate? Mr. Stenger. I would inform you that the labor force that is involved in our programs, there are two kinds of workers. There is the developing team, and afterwards there is the operational team.


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


Since the construction is nearing conclusion and we are taking place to other building programs, the operational facet of the center begins. And we are raising our full-time employment this year by over 500 people alone simply this year. So it is an amazing transformation, and it is taking place in a rural area that, without this program, none of this would be going on.

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And, of course, it is a win for the financier because they get accessibility ahead to this country. I would certainly restate once more what-- in our certain instance, we have doctors, legal representatives, engineers, accountants, business individuals, all component of our investment group bringing their skills, their education. They are living around the nation.


Chairman Leahy. It is not what you would call a worn out ski resort. Mr. Stenger. No. I would simply share that we will really kick the ski periods off in Vermont. We will invite 4 million skiers to the State. We have 16 remarkable ski areas. It is 25 percent of our economy.


We are prospering, and we are a wonderful location to see, and I invite you all to find. Chairman Leahy. The variety of millions you are discussing, I should just note for the document, Senator Grassley, we are a State of 650,000 people, here to make sure that has a multiplier result.




Mr. Stenger. One of the great advantages for me directly in this program has been the chance to meet and welcome nearly every investor to our facility.

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