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Half a million bucks is a whole lot of cash. It is a great deal of cash for one individual to place in one risky project, and if you place with each other a number of fifty percent million dollars in a swimming pool in a task, that can be a big task, and it can develop a great deal of work.


[The prepared statement of Robert C. Divine looks like an entry for the document.] Chairman Leahy. Well, I value that really much, and let me ask a few questions. Mr. Stenger, you have actually been entailed with this program for years. Obviously, in the type of business you are in, you have to look for investment and funding opportunities any place you can.


Mr. Stenger. Senator, we have actually been able to increase our resort that, as I claimed previously, was started in 1955, a very prominent ski hotel. Our objective from a company viewpoint is to transform it to a year-round center. We are currently using-- this coming winter months we will use over 1,200 individuals at the hotel itself.


It is all local business. Mr. North was mentioning that the huge guys do not raise money this means. Well, we are a small company in a country part of Vermont, and raising funding this method has worked for us. We are transforming the lives of many numerous individuals in our region.

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We have striven at it, and we are altering the landscape of the economic situation in an otherwise incredible challenging time. So I would tell you that the EB-5 program has actually helped us develop our company, but we are also making an effect on other businesses and various other possibilities in our area at a time when development is just not occurring in other places.


Well, you stated Mr. North. He has also claimed that this cash is most likely to appear in decaying ski hotels in Vermont. I recognize if you operate at a think storage tank inside the Beltway the concept that somebody would really believe in a ski resort-- I imply, this is a town that will certainly close down in 3 inches of snow.




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


Senator, browse around here legislator a word, it is uncertainty, unpredictability with uncertainty goes the question of whether or not an investor should capitalist must a program. Having a long-term consent will certainly give jobs the chance to plan and develop good programs and good tasks, but it also provides the capitalist the sense of confidence that what they become included in will certainly have a chance to be created to its conclusion.


Well, allow me ask a little bit much more concerning that. You discuss having, when this is finished, approximately 2,000 people working there. I know this area really, quite possibly, as you have mentioned, and a horrible whole lot of the work there are minimal wage work when they are offered in any way.

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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 before. description Is that correct? Mr. Stenger. I would certainly tell 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 an image with me-- and I will certainly share it with you afterwards-- of just a fraction of the construction employees that were associated with this previous winter season, last wintertime. We had 550 construction employees on our job in northern rural Vermont - EB5 Regional Center Program. It was the biggest building task in the State


Currently that the construction is nearing completion and we are taking place to various other building and construction programs, the functional aspect of the facility begins. And we are enhancing our permanent employment this year by over 500 individuals alone simply this year. So it is an exceptional makeover, and it is occurring in a rural community 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 financier due to the fact that they get access to coming to this nation. Yet I would restate once more what-- in our particular instance, we have physicians, legal representatives, designers, accountants, business people, all component of our 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 just share that we will really kick the ski seasons off in Vermont. We will invite 4 million skiers to the State. We have 16 remarkable ski locations. It is 25 percent of our economy.


We are growing, and we are a remarkable place to check out, and I welcome you all ahead. Chairman Leahy. The number of millions you are talking about, I should just keep in mind for the record, Senator Grassley, article we are a State of 650,000 individuals, to make sure that has a multiplier effect.




Mr. Stenger. One of the fantastic benefits for me personally in this program has actually been the chance to fulfill and invite practically every investor to our facility.

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I have met directly 95 percent of them, invited them to the area, revealed them what we are doing. They have seen firsthand the influence that their financial investment is making. They have actually strolled the property. They have actually seen the hundreds of building and construction workers. They take wonderful satisfaction in what we are doing.