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Half a million dollars is a lot of money. It is a lot of money for someone to place in one high-risk project, and if you create a number of half million bucks in a pool in a task, that can be a large project, and it can develop a great deal of tasks.


[The prepared statement of Robert C. Divine looks like an entry for the document.] Chairman Leahy. Well, I appreciate that very much, and allow me ask a few questions. Mr. Stenger, you have been included with this program for years. Certainly, in the sort of service you remain in, you have to search for financial investment and funding opportunities any place you can.


Mr. Stenger. EB5 Regional Center Program. Senator, we have actually been able to increase our hotel that, as I claimed earlier, was started in 1955, a very prominent ski resort.


Mr. North was mentioning that the huge guys do not elevate money this means. We are transforming the lives of many hundreds of individuals in our region.

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We have striven at it, and we are changing the landscape of the economy in an or else incredible challenging time. I would inform you that the EB-5 program has actually aided us develop our business, yet we are additionally making an impact on other organizations and various other possibilities in our region at a time when development is just not taking location somewhere else.


Well, you stated Mr. North. He has also claimed that this money is most likely to appear in worn out ski resorts in Vermont. I understand if you operate at a think tank inside the Beltway the idea that someone would really count on a ski resort-- I imply, this is a town 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 temporary to temporary to temporary reauthorizations? Mr.


Senator, in a word, it is uncertainty, unpredictability with uncertainty goes unpredictability question of whether or not an investor should capitalist must a program. Having an irreversible authorization will give tasks the opportunity to strategy and develop great programs and good tasks, yet it also gives the capitalist the feeling of confidence that what they come to be entailed in will have an opportunity to be developed to its completion.


Well, allow me ask a little more about that. You speak concerning having, when this is ended up, approximately 2,000 people working there. I know this area extremely, effectively, as you have actually discussed, and a dreadful lot of the work there are minimal wage jobs when they are available in all.

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I get the perception, speaking with woodworkers and plumbings and electrical experts there, that they are doing a whole lot much better than they did before. Is that right? Mr. Stenger. I would certainly tell you that the workforce that is included in our programs, there are two kinds of workers. There is the developing team, and after that there is the operational group.


I happen to bring a picture with me-- and I will certainly share it with you afterwards-- of just a fraction of the building and construction employees that were entailed in this past winter, last winter season. We had 550 building employees on our job in northern rural Vermont - EB5 Regional Center Program. It was the largest building project in the State


Since the building is nearing conclusion and we are going on to other building and construction here programs, the operational element of the facility starts. And we are increasing our full time work this year by over 500 individuals alone just this year. It is an exceptional transformation, and it is taking area in a country neighborhood that, without this program, none of this would be going on.

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And, obviously, it is a win for the investor because they get access to find to this country. I would certainly restate once again what-- in our specific situation, we have physicians, lawyers, designers, accounting professionals, business individuals, all component of our financial investment team bringing their skills, their education. They are living around the country.


Chairman Leahy. It is not what you would certainly call a rotting ski resort. Mr. Stenger. No. I would just 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 remarkable ski areas. It is 25 percent of our economic situation.


We are flourishing, and we are a wonderful location to visit, and I welcome you all to find. Chairman Leahy. The number of millions you are chatting around, I ought to just keep in mind for the record, Senator Grassley, we are a State of 650,000 individuals, to ensure that has a multiplier effect.




Mr. Stenger. One of the excellent advantages for me personally in this program has been the possibility to fulfill and welcome almost every capitalist to our facility.

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They have seen firsthand the impact that their financial investment is making. They have seen the hundreds of building workers.