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Half a million dollars is a great deal of cash. It is a lot of money for one individual to place in one high-risk task, and if you create a number of fifty percent million dollars in a swimming pool in a task, that can be a large task, and it can produce a lot of work.


[The prepared declaration of Robert C. Divine looks like a submission for the document.] Chairman Leahy. Well, I appreciate that really a lot, and let me ask a couple of inquiries. Mr. Stenger, you have been entailed with this program for several years. Obviously, in the type of business you are in, you need to search for investment and financing possibilities wherever you can.


Mr. Stenger. Senator, we have been able to increase our hotel that, as I claimed previously, was started in 1955, a very prominent ski resort. Our objective from an organization standpoint is to convert it to a year-round facility. We are currently using-- this coming winter season we will certainly employ over 1,200 individuals at the hotel itself.

It is all small companies. Mr. North was stating that the huge guys do not elevate money in this manner. Well, we are a small company in a country part of Vermont, and increasing funding this method has worked for us. We are transforming the lives of lots of numerous individuals in our region.

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We have functioned hard at it, and we are altering the landscape of the economy in an otherwise incredible difficult time. I would inform you that the EB-5 program has assisted us develop our business, yet we are also making an effect on other services and other chances in our area at a time when development is simply not taking area elsewhere.


Well, you stated Mr. North. He has also claimed that this money is most likely to turn up in worn out ski hotels in Vermont. I recognize if you work at a think tank inside the Beltway the idea that somebody would really believe in a ski resort-- I suggest, this is a community that will shut down in 3 inches of snow.




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


Senator, in a word, it is uncertainty, and with uncertainty goes unpredictability question of whether or not an investor should financier in get involved program. Having a permanent authorization will certainly give projects the opportunity to strategy and develop excellent programs and great projects, yet it likewise gives the financier the sense of confidence that what they come to be included in will have a chance to be developed to its completion.


Well, allow me ask a little extra concerning that. You discuss having, when this is finished, as much as 2,000 individuals working there. I recognize this area extremely, very well, as you have discussed, and a dreadful whole lot of the jobs there are base pay work when they are readily available whatsoever.

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I here obtain the perception, speaking to carpenters and plumbings and electrical experts there, that they are doing a whole lot better than they did previously. Is that proper? Mr. Stenger. I would inform you that the workforce that is involved in our programs, there are two type of employees. There is the developing group, and afterwards there is the functional group.


I happen to bring a photo with me-- and I will certainly share it with you afterwards-- of simply a fraction of the building and construction employees that were associated with this previous winter season, last wintertime. We had 550 construction employees on our job in north country Vermont - EB5 Regional Center Program. It was the biggest building and construction project in the State


Currently that the building is nearing completion and we are going on to various other building programs, the operational element of the center kicks in. And we are boosting our permanent employment this year by over 500 individuals alone just this year. So it is a remarkable transformation, and it is taking area in a rural neighborhood that, without this program, none of this would certainly be taking place.

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And, of training course, it is a win for the capitalist since they get access to coming to this nation. Yet I would restate again what-- in our certain situation, we have medical professionals, attorneys, engineers, accounting professionals, business people, all component of our investment group bringing their skills, their education and learning. They are living around the nation.


Chairman Leahy. It is not what you would certainly call a worn out ski resort. Mr. Stenger. No. I would certainly simply share that we will truly kick the ski seasons off in Vermont. We will certainly invite 4 million skiers to the State. We have 16 terrific ski locations. It is 25 percent of our economic situation.


We are thriving, and we are a fantastic location to go to, and I welcome you all to find. Chairman Leahy. The variety of millions you are talking around, I need to simply note for the document, Legislator Grassley, we are a State of 650,000 people, to make sure that has a multiplier result.

Yet you stated in the past that you make it a point to learn more about your investors. Would certainly you agree they have absolutely nothing to offer us apart from their money? Mr. Stenger. No, I might not disagree more. One of the great advantages for me directly in this program has actually been the chance to meet and invite practically every capitalist to our facility.

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They have seen firsthand the impact that their investment is making. They have actually seen the hundreds of building employees.