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But half a million bucks is a whole lot of money. It is a great deal of cash for someone to place in one high-risk project, and if you assemble a number of fifty percent million bucks in a swimming pool in a job, that can be a big task, and it can produce a lot of work.


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


Mr. Stenger. Legislator, we have actually been able to expand our resort that, as I claimed previously, was established in 1955, an extremely popular ski hotel. Our goal from a service viewpoint is to transform it to a year-round facility. We are presently using-- this coming wintertime we will use over 1,200 individuals at the hotel itself.

Mr. North was pointing out that the big men do not elevate money this way. We are changing 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 unbelievable challenging time. So I would certainly tell you that the EB-5 program has helped us develop our business, however we are additionally making an influence on various other companies and other opportunities in our region each time when advancement is just not taking area elsewhere.


Well, you stated Mr. North. He has also stated that this cash is most likely to appear in worn out ski hotels in Vermont. I recognize if you operate at a think tank inside the Beltway the idea that somebody would in fact count on a ski hotel-- I imply, this is a community that will certainly shut down in 3 inches of snow.




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


Senator, legislator a word, it is uncertainty, and with uncertainty goes unpredictability question of whether or not an investor should financier need to a program. Having a long-term consent will provide tasks the opportunity to plan and create excellent programs and good jobs, yet it also provides the capitalist the feeling of confidence that what they come to be entailed in will have a chance to be established to its conclusion.


Well, allow me ask a little bit much more concerning that. You discuss having, when this is completed, approximately 2,000 people working there. I understand this location really, quite possibly, as you have discussed, and a dreadful whole lot of the work there are base pay jobs when they are available whatsoever.

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Mr. Stenger. I would certainly inform you that the labor force that is entailed in our programs, there are 2 kinds of workers.


I happen to bring a picture with me-- and I will certainly share it with you afterwards-- of just a portion of the construction workers that were associated with this previous wintertime, last winter months. We had 550 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 construction is nearing completion and we are going on to other building programs, the functional facet of the center kicks in. And we are enhancing our full time work this year by over 500 individuals alone simply this year. It is an impressive transformation, and it is taking place in a rural community that, without this program, none of this would be going on.

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And, certainly, it is a win for the financier since they get accessibility ahead to this country. I would certainly restate once more what-- in our certain situation, we have doctors, legal representatives, engineers, accounting professionals, entrepreneurial individuals, all component of our financial investment team 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 concerning to really kick the ski periods off in Vermont.


We are flourishing, and we are a fantastic location to visit, and I invite you all ahead. Chairman here Leahy. The number of millions you are speaking about, I should simply note for the record, Senator Grassley, we are a State of 650,000 individuals, so that has a multiplier impact.

Mr. Stenger. One of the terrific benefits for me directly in this program has been the opportunity to satisfy and invite almost every capitalist to our center.

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