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Half a million dollars is a whole lot of money. It is a whole lot of money for one individual to place in one dangerous job, and if you create a number of fifty percent million bucks in a pool in a task, that can be a big project, and it can create a lot of jobs.


[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 couple of questions. Mr. Stenger, you have been included with this program for several years. Undoubtedly, in the kind of service you are in, you have to seek investment and funding possibilities wherever you can.


Mr. Stenger. EB5 Regional Center Program. Senator, we have been able to broaden our resort that, as I said earlier, was founded in 1955, a really preferred ski hotel.

Mr. North was stating that the big guys do not raise money this method. We are altering the lives of several hundreds of people in our region.

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We have functioned hard at it, and we are changing the landscape of the economic situation in an or else incredible challenging time. I would tell you that the EB-5 program has aided us develop our company, yet we are likewise making an impact on various other services and other opportunities in our region at a time when growth is just not taking area somewhere else.


Well, you discussed Mr. North. He has additionally stated that this money is most likely to appear in rotting ski resorts in Vermont. I understand if you operate at a brain trust inside the Beltway the idea that someone would really rely on a ski hotel-- I mean, this is a community that will fold in 3 inches of snow.




What kind of response do you obtain from these financiers around the globe 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 unpredictability question of inquiry or not an investor should financier need to get involved program. Having a long-term authorization will certainly offer projects the possibility to plan and establish excellent programs and good jobs, yet it likewise offers the investor the sense of confidence that what they come to be involved in will have a possibility to be developed to its completion.


Well, allow me ask a little more regarding that. You speak about having, when this is finished, approximately 2,000 individuals working there. I understand this location very, extremely well, as you have stated, and a terrible great deal of the tasks there are minimal wage work when they are available whatsoever.

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I think, speaking to carpenters and plumbings and electrical experts there, that they are doing a lot better than they did before. Is that proper? Mr. Stenger. I would certainly inform you that the workforce that is involved in our programs, there are 2 type of workers. There is the developmental group, and after that there is the functional group.


I occur to bring an image with me-- and I will share it with you after that-- of just a fraction of the construction employees that were included in this previous wintertime, last winter season. We had 550 construction employees on our project in northern country Vermont - EB5 Regional Center Program. It was the largest building project in the State


Since the building and construction is nearing conclusion and we are going on to other building programs, the functional element of the center starts. And we are raising our full-time work this year by over 500 individuals alone simply this year. It is an impressive improvement, and it is taking location in a country community that, without this program, none of this would be going on.

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And, naturally, it is a win for the capitalist due to the fact that they obtain access to find to this nation. I would reiterate once more what-- in our particular situation, we have physicians, legal representatives, engineers, accounting professionals, entrepreneurial individuals, all part of our investment team bringing their abilities, their education. They are living around the nation.


Chairman Leahy. It is not what you would certainly call a decaying ski resort. Mr. Stenger. No. I would just share that we will actually kick the ski seasons off in Vermont. We will welcome 4 million skiers to the State. We have 16 terrific ski areas. It is 25 percent of our economy.


We are growing, and we are a fantastic location to check out, and I welcome you all to find. Chairman Leahy. The variety of millions you are speaking about, I must just note for the record, Legislator Grassley, we are a State of 650,000 individuals, to ensure that has a multiplier impact.

Mr. Stenger. One of the wonderful advantages for me personally in this program has been the chance to meet and welcome virtually every investor to our facility.

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They have seen firsthand the more info impact that their financial investment is making. They have actually seen the hundreds of construction workers.