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Half a million dollars is a lot of money. It is a great deal of money for a single person to place in one risky project, and if you assemble a bunch of half million dollars in a pool in a task, that can be a large task, and it can develop a whole lot of jobs.


[The ready statement of Robert C. Divine looks like an entry for the record.] Chairman Leahy. Well, I value that quite, and let me ask a few concerns. Mr. Stenger, you have been involved with this program for years. Obviously, in the kind of company you are in, you need to seek financial investment and financing opportunities wherever you can.


Mr. Stenger. Senator, we have actually been able to expand our hotel that, as I claimed earlier, was founded in 1955, a really prominent ski resort. Our objective from an organization standpoint is to transform it to a year-round facility. We are currently utilizing-- this coming winter season we will certainly employ over 1,200 people at the hotel itself.


It is all little companies. Mr. North was pointing out that the large individuals do not raise money by doing this. Well, we are a tiny company in a rural part of Vermont, and increasing funding this way has worked for us. We are altering the lives of several thousands of individuals in our area.

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We have worked hard at it, and we are altering the landscape of the economic climate in an otherwise amazing hard time. So I would certainly tell you that the EB-5 program has helped us construct our business, but we are additionally making an effect on other companies and other possibilities in our area at a time when growth is just not happening in other places.


Well, you stated Mr. North. He has likewise claimed that this money is more likely to turn up in rotting ski hotels in Vermont. I recognize if you function at a think storage tank inside the Beltway the concept that somebody would in fact rely on a ski hotel-- I mean, this is a community that will shut down in 3 inches of snow.




Let me ask you this: You have taken a trip extensively. You have actually talked with numerous possible investors around the globe. We have these existing short-term consents. What type of response do you obtain from these financiers around the globe when they see us going from temporary to temporary to temporary reauthorizations? Mr.

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Legislator, in a word, it is unpredictability, and with unpredictability goes the concern of whether or not an investor need to take part in a program. Having an irreversible permission will give tasks the chance to plan and develop excellent programs and great tasks, yet it additionally provides the investor the feeling of self-confidence that what they become associated with will have a chance to be created to its conclusion.


Well, let me ask a bit extra about that. You speak about having, when this is completed, approximately 2,000 individuals functioning there. I know this area very, extremely well, as you have actually stated, and a terrible great deal of the tasks there are minimal wage work when they are readily available at all.

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I get the impression, speaking to carpenters and plumbing technicians and electrical contractors there, that they are doing a whole lot much better than they did in the past. Is that more info appropriate? Mr. Stenger. I would certainly tell you that the workforce that is associated with our programs, there are two type of employees. There is the developmental team, and afterwards there is the operational team.


I take place to bring a photo with me-- and I will share it with you after that-- of just a fraction of the building and construction workers that were included in this previous wintertime, last winter months. We had 550 building employees on our project in north country Vermont - EB5 Regional Center Program. It was the largest construction task in the State


Currently that the building and construction is nearing conclusion and we are going on to other construction programs, the functional element of the center kicks in. And we are enhancing our full-time employment this year by over 500 people alone just this year. It is an amazing change, and it is taking location in a rural neighborhood 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 coming to this nation. Yet I would restate once more what-- in our specific situation, we have doctors, lawyers, engineers, accountants, entrepreneurial individuals, all part of our investment team bringing their skills, their education. They are living around the country.


Chairman Leahy. It is not what you would call a rotting ski resort. Mr. Stenger. No. I would certainly just share that we are about to actually kick the ski seasons off in Vermont. We will certainly welcome 4 million skiers to the State. We have 16 wonderful ski locations. It is 25 percent of our economic climate.


We are prospering, and we are a fantastic area to go to, and I welcome you all to come. Chairman Leahy. The variety of millions you are discussing, I should simply keep in mind for the record, Legislator Grassley, we are a State of 650,000 people, to ensure that has a multiplier effect.




Mr. Stenger. One of the wonderful benefits for me personally in this program has been the chance to satisfy and invite virtually every investor to our facility.

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