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Half a million dollars is a lot of cash. It is a great deal of money for someone to put in one high-risk project, and if you assemble a number of fifty percent million bucks in a pool in a job, that can be a large job, and it can develop a great deal of work.


[The prepared declaration of Robert C. Divine looks like an entry for the record.] Chairman Leahy. Well, I value that quite, and let me ask a couple of questions. Mr. Stenger, you have actually been included with this program for years. Obviously, in the type of company you are in, you need to try to find investment and financing chances any place you can.


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


Mr. North was discussing that the huge guys do not raise cash this means. We are altering the lives of lots of hundreds of people in our area.

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We have striven at it, and we are transforming the landscape of the economy in an or else amazing challenging time. I would certainly tell you that the EB-5 program has aided us build our company, yet we are also making an impact on various other organizations and various other possibilities in our region at a time when growth is just not taking area elsewhere.


Well, you discussed Mr. North. He has likewise said that this cash is most likely to turn up in decaying ski hotels in Vermont. I recognize if you operate at a brain trust inside the Beltway the idea that somebody would actually think in a ski hotel-- I indicate, this is a town that will fold in 3 inches of snow.




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


Senator, legislator a word, it is uncertainty, unpredictability with uncertainty goes the question of inquiry or not an investor should financier need to take part program. Having an irreversible permission will provide tasks the possibility to strategy and establish excellent programs and excellent tasks, but it also offers the capitalist the feeling of self-confidence that what they become entailed in will certainly have an opportunity to be created to its conclusion.


Well, let me ask a bit much more concerning that. You discuss having, when this is finished, approximately 2,000 people working there. I understand this area very, extremely well, as you have mentioned, and a dreadful great deal of the work there are minimal wage jobs when they are offered at all.

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Mr. Stenger. I would inform you that the labor force that is involved in our programs, there are two kinds of workers.


I happen to bring a picture with me-- and I will share it with you after that-- of simply a portion of the building and construction employees that were associated with this previous wintertime, last winter months. We had 550 construction workers on our project in northern rural Vermont - EB5 Regional Center Program. It was the largest building and construction project in the State


Since the construction is nearing completion and we are taking place to other construction programs, the functional aspect of the center kicks in. And we are increasing our full-time work this year by over 500 people alone just this year. So it is a remarkable makeover, and it is occurring in a country community that, without this program, none of this would be going on.

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And, of course, it is a win for the financier because they get accessibility to coming to this country. I would certainly restate once again what-- in our certain situation, we have doctors, legal representatives, engineers, accountants, business individuals, all part of our financial investment group bringing their abilities, their education. They are living around the nation.


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


We are thriving, and we are a terrific area to go to, and I welcome you all to find. Chairman Leahy. The variety of millions you are speaking about, I should just keep in mind for the document, Legislator Grassley, we are a State of 650,000 individuals, so that has a multiplier impact.




Mr. Stenger. One of the great benefits for me personally in this program has been the opportunity to meet and welcome nearly every financier to our center.

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