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Half a million dollars is a lot of money. It is a great deal of cash for a single person to place in one risky project, and if you create a lot of fifty percent million bucks in a pool in a project, that can be a huge task, and it can develop a great deal of jobs.


[The prepared statement of Robert C. Divine appears as a submission for the record.] Chairman Leahy. Well, I value that significantly, and let me ask a few concerns. Mr. Stenger, you have been entailed with this program for several years. Undoubtedly, in the sort of business you are in, you need to look for investment and funding possibilities any place you can.


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


Mr. North was stating that the large guys do not raise money this method. We are altering the lives of lots of hundreds of individuals in our area.

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We have worked hard at it, and we are changing the landscape of the economy in an otherwise amazing tough time. I would tell you that the EB-5 program has aided us construct our business, however we are also making an influence on various other businesses and various other chances in our region at a time when growth is just not taking place somewhere else.


Well, you discussed Mr. North. He has also claimed that this money is more most likely to show up in worn out ski hotels in Vermont. I realize if you work at a think storage tank inside the Beltway the idea that someone would actually think in a ski resort-- I indicate, this is a town that will certainly close down in 3 inches of snow.




Yet let me ask you this: You have actually traveled thoroughly. You have spoken with numerous possible financiers worldwide. We have these present temporary authorizations. What type of response do you obtain from these financiers worldwide when they see us going from short-term to temporary to short-term reauthorizations? Mr.

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Legislator, in brief, it is uncertainty, and with unpredictability goes the concern of whether an investor ought to take part in a program. Having a permanent permission will certainly provide tasks the opportunity to strategy and create great programs and excellent jobs, but it likewise gives the capitalist the sense of self-confidence that what they become associated with will have an opportunity to be established to its completion.


Well, let me ask a bit extra about that. You speak concerning having, when this is finished, as much as 2,000 individuals functioning there. I know this location really, extremely well, as you have discussed, and a horrible great deal of the jobs there are minimum wage tasks when they are readily available in all.

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I think, speaking to carpenters and plumbings and electrical contractors there, that they are doing a whole lot far better than they did previously. Is that right? Mr. Stenger. I would certainly inform you that the workforce that is involved in our programs, there are two sort of workers. There is the developing team, and after that there is the operational team.


I occur to bring a photo with me-- and I will certainly share it with you later on-- of simply a fraction of the construction workers that were associated with this past winter months, last winter. We had 550 building and construction employees on our project in north rural Vermont - EB5 Regional Center Program. It was the largest building and construction project in the State


Since the construction is nearing conclusion and we are taking place to various other building and construction programs, the functional aspect of the facility kicks in. And we are boosting our full time employment this year by over 500 people alone simply this year. It is an amazing change, and it is taking area in a rural area that, without this program, none of this would certainly be going on.

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And, of course, it is a win for the investor due to the fact that they obtain access to coming to this country. Yet I would restate once again what-- in our certain case, we have doctors, lawyers, engineers, accountants, entrepreneurial individuals, all part of our investment group bringing their abilities, their education and learning. They are living around the nation.


Chairman Leahy. It is not what you would certainly call a rotting ski resort. Mr. Stenger. No. I would just share that we are about to actually 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 economic climate.


We are thriving, and we are a wonderful area to check out, and I invite you all ahead. Chairman Leahy. The variety of millions you are speaking about, I here 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 fantastic benefits for me personally in this program has been the possibility to meet and invite nearly every investor to our facility.

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I have satisfied personally 95 percent of them, invited them to the location, revealed them what we are doing. They have actually seen firsthand the influence that their financial investment is making. They have strolled the residential or commercial property. They have actually seen the numerous building and construction workers. They take fantastic satisfaction in what we are doing.