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Half a million dollars is a lot of money. It is a lot of money for someone to place in one dangerous job, and if you assemble a number of fifty percent million bucks in a swimming pool in a task, that can be a large task, and it can create a lot of tasks.


[The prepared statement of Robert C. Divine looks like a submission for the document.] Chairman Leahy. Well, I value that significantly, and allow me ask a few concerns. Mr. Stenger, you have been involved with this program for several years. Clearly, in the sort of company you remain in, you have to search for investment and financing chances anywhere you can.


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


It is all tiny organizations. Mr. North was discussing that the huge individuals do not elevate money in this manner. Well, we are a tiny firm in a rural part of Vermont, and increasing funding by doing this has worked for us. We are transforming the lives of many numerous people in our region.

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We have worked hard at it, and we are transforming the landscape of the economy in an otherwise incredible hard time. So I would tell you that the EB-5 program has actually assisted us construct our company, yet we are additionally making an influence on various other companies and other possibilities in our area at once when advancement is simply not occurring somewhere else.


Well, you mentioned Mr. North. He has also claimed that this money is most likely to turn up in worn out ski resorts in Vermont. I understand if you operate at a brain trust inside the Beltway the concept that somebody would actually rely on a ski hotel-- I suggest, this is a community that will close down in 3 inches of snow.




What kind of reaction do you obtain from these financiers around the world when they see us going from temporary to temporary to temporary reauthorizations? Mr.


Senator, legislator a word, it is uncertainty, and with uncertainty goes unpredictability question of concern or not an investor should capitalist ought to get involved program. Having a permanent consent will certainly provide projects the opportunity to strategy and create excellent programs and great projects, however it likewise offers the financier the feeling of confidence that what they come to be entailed in will certainly have an opportunity to be developed to its completion.


Well, let me ask a little bit much more concerning that. You speak concerning having, when this is ended up, up to 2,000 people functioning there. I recognize this area really, quite possibly, as you have stated, and an awful lot of the work there are base pay work when they are readily available in all.

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I think, talking with woodworkers and plumbing technicians and electrical experts there, that they are doing a great deal far better than they did previously. Is that right? Mr. Stenger. I would certainly inform you that the workforce that is associated with our programs, there are two sort of employees. There is the developmental group, and afterwards there is the operational group.


I happen to bring an image with me-- and I will certainly share it with you later on-- of just a fraction of the building workers that were associated with this past winter, last winter season. here We had 550 building and construction workers on our job in north country Vermont - EB5 Regional Center Program. It was the largest building job in the State


Currently that the building and construction is nearing conclusion and we are going on to other construction programs, the operational element of the facility begins. And we are enhancing our full-time work this year by over 500 individuals 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 certainly be taking place.

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And, of course, it is a win for the financier because they get access to coming to this nation. I would restate again what-- in our particular situation, we have physicians, lawyers, engineers, accounting professionals, business people, all part of our financial investment group bringing their abilities, their education and learning. They are living around the country.


Chairman Leahy. It is not what you would call a worn out ski hotel. Mr. Stenger. No. I would certainly simply share that we are concerning to actually kick the ski periods off in Vermont. We will invite 4 million skiers to the State. We have 16 fantastic ski locations. It is 25 percent of our economy.


We are prospering, and we are a wonderful area to go to, and I invite you all ahead. Chairman Leahy. The variety of millions you are speaking around, I should simply keep in mind for the document, Legislator Grassley, we are a State of 650,000 people, so that has a multiplier effect.




Mr. Stenger. One of the great benefits for me personally in this program has been the chance to fulfill and welcome virtually every financier to our center.

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I have fulfilled directly 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 actually seen the thousands of building employees. They take excellent pride in what we are doing.