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Yet half a million dollars is a great deal of cash. It is a lot of money for a single person to place in one high-risk job, and if you assemble a bunch of half million dollars in a swimming pool in a job, that can be a large project, and it can create a whole lot of jobs.


[The prepared statement of Robert C. Divine appears as an entry for the document.] Chairman Leahy. Well, I value that really a lot, and let me ask a few inquiries. Mr. Stenger, you have been involved with this program for years. Undoubtedly, in the sort of organization you remain in, you have to search for financial investment and funding possibilities any place you can.


Mr. Stenger. Senator, we have actually been able to increase our hotel that, as I said earlier, was founded in 1955, an incredibly popular ski resort. Our goal from a service point ofview is to transform it to a year-round facility. We are presently employing-- this coming winter season we will certainly utilize over 1,200 people at the resort itself.


It is all small companies. Mr. North was pointing out that the big men do not elevate money this means. Well, we are a small business in a rural part of Vermont, and elevating capital in this manner has actually worked for us. We are altering the lives of several thousands of people in our region.

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We have striven at it, and we are transforming the landscape of the economy in an otherwise extraordinary tough time. So I would certainly tell you that the EB-5 program has assisted us build our business, however we are likewise making an influence on other organizations and various other possibilities in our region at once when growth is simply not occurring elsewhere.


Well, you discussed Mr. North. He has likewise said that this cash is most likely to turn up in rotting ski resorts in Vermont. I understand if you operate at a brain trust inside the Beltway the concept that somebody would in fact rely on a ski resort-- I suggest, this is a community that will certainly shut down in 3 inches of snow.




What kind of response do you get from these financiers around the world when they see us going from short-term 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 capitalist must get involved he has a good point program. Having a permanent authorization will certainly give jobs the opportunity to strategy and develop great programs and excellent tasks, yet it also provides the capitalist the feeling of self-confidence that what they become entailed in will have a chance to be created to its conclusion.


Well, let me ask a bit extra concerning that. You discuss having, when this is ended up, as much as 2,000 people working there. I understand this location extremely, quite possibly, as you have actually discussed, and a dreadful lot of the tasks there are base pay jobs when they are offered in any way.

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I get the impression, speaking with carpenters and plumbings and electricians there, that they are doing a whole lot better than they did in the past. Is that appropriate? Mr. Stenger. I would certainly tell you that the labor force that is involved in our programs, there are 2 type of workers. There is the developing group, and afterwards there is the operational team.


I occur to bring a picture with me-- and I will share it with you later on-- of just a fraction of the building employees that were associated with this previous winter, last winter months. We had 550 building workers on our project in northern country Vermont - EB5 Regional Center Program. It was the biggest construction job in the State


Since the building and construction is nearing conclusion and we are going on to other building and construction programs, the operational facet of the facility begins. And we are raising our full-time work this year by over 500 people alone just this year. So it is an impressive makeover, and it is happening 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 investor because they obtain accessibility ahead to this nation. However I would reiterate again what-- in our certain situation, we have physicians, attorneys, engineers, accounting professionals, business individuals, all part of our investment group bringing try this out their abilities, their education. 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 simply share that we are like this regarding to really kick the ski periods off in Vermont. We will welcome 4 million skiers to the State. We have 16 fantastic ski locations. It is 25 percent of our economic situation.


We are prospering, and we are a remarkable location to check out, and I invite you all to find. Chairman Leahy. The number of millions you are speaking about, I must simply note for the record, Legislator Grassley, we are a State of 650,000 people, to make sure that has a multiplier impact.




But you claimed in the past that you make it an indicate be familiar with your capitalists. Would you concur they have nothing to supply us other than their cash? Mr. Stenger. No, I could not disagree extra. One of the wonderful benefits for me directly in this program has actually been the opportunity to meet and welcome virtually every investor to our facility.

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They have seen firsthand the influence that their financial investment is making. They have seen the hundreds of construction workers.