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Half a million dollars is a lot of money. It is a great deal of money for someone to place in one risky project, and if you put with each other a bunch of half million dollars in a swimming pool in a job, that can be a huge task, and it can produce a lot of work.


[The ready statement of Robert C. Divine appears as an entry for the document.] Chairman Leahy. Well, I appreciate that quite, and allow me ask a few questions. Mr. Stenger, you have actually been involved with this program for many years. Obviously, in the sort of service you remain in, you have to try to find investment and financing possibilities any place you can.


Mr. Stenger. EB5 Regional Center Program. Legislator, we have been able to broaden our resort that, as I said previously, was started in 1955, a very popular ski hotel.


Mr. North was pointing out that the big men do not increase cash this means. We are changing the lives of several hundreds of individuals in our region.

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We have actually functioned hard at it, and we are changing the landscape of the economy in an otherwise incredible challenging time. So I would tell you that the EB-5 program has helped us build our business, but we are additionally making an impact on other companies and various other possibilities in our area each time when growth is simply not occurring elsewhere.


Well, you mentioned Mr. North. He has also stated that this money is more probable to appear in decaying ski hotels in Vermont. I realize if you operate at a think storage tank inside the Beltway the idea that somebody would really count on a ski resort-- I mean, this is a town that will shut down in 3 inches of snow.




What kind of response do you obtain from these financiers around the world when they see us going from temporary to temporary to temporary reauthorizations? Mr.


Senator, legislator a word, it is uncertainty, unpredictability with uncertainty goes unpredictability question of whether or not an investor should capitalist must a program. Having a long-term authorization will give projects the possibility to plan and develop excellent programs and excellent tasks, but it likewise provides the investor the feeling of confidence that what they end up being entailed in will certainly have an opportunity to be established to its completion.


Well, allow me ask a little bit a lot more concerning that. You discuss having, when this is finished, as much as 2,000 people working there. I know this area really, extremely well, as you have actually mentioned, and an awful great deal of the tasks there are minimum wage tasks when they are readily available in any way.

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I think, talking with woodworkers and plumbing professionals and electrical contractors there, that they are doing a lot far better than they did in the past. Is that proper? Mr. Stenger. I would certainly tell you that the labor force that is associated with our programs, there are 2 type of employees. There is the developing group, and afterwards there is the operational group.


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


Since the construction is nearing completion and we are taking place to other construction programs, the operational element of the facility begins. And we are increasing our full-time employment this year by over 500 people alone simply this year. It is an amazing improvement, and it is taking place in a country community that, without this program, none of this would be going on.

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And, certainly, it is a win for the investor because they obtain accessibility to find to this country. Yet I would certainly restate once again what-- in our specific instance, we have doctors, attorneys, engineers, accountants, entrepreneurial individuals, all part of our financial investment team bringing their abilities, their education. They are living around the country.


Chairman Leahy. Mr. Stenger. I would simply share that we are concerning to truly kick the ski periods off in click here Vermont.


We are flourishing, and we are a wonderful area to check out, and I invite you all ahead. Chairman Leahy. The variety of millions you are speaking about, I ought to just keep in mind for the record, Senator Grassley, we are a State of 650,000 individuals, to make sure that has a multiplier effect.




But you said in the past that you make it a factor to learn more about your financiers. Would certainly you concur they have absolutely nothing to use us other than their money? Mr. Stenger. No, I could not differ more. Among the terrific advantages for me personally in this program has actually been the chance to satisfy and invite almost every financier to our facility.

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I have fulfilled directly 95 percent of them, invited them to the area, shown them what we are doing. They have actually seen firsthand the influence that their investment is making. They have strolled the property. They have actually seen the thousands of building employees. They take terrific satisfaction in what we are doing.