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Yet half a million dollars is a great deal of cash. It is a whole lot of cash for one individual to place in one high-risk project, and if you assemble a number of fifty percent million dollars in a swimming pool in a project, that can be a huge project, and it can create a whole lot of jobs.


[The ready statement of Robert C. Divine appears as a submission for the record.] Chairman Leahy. Well, I appreciate that really a lot, and let me ask a couple of concerns. Mr. Stenger, you have been included with this program for many years. Obviously, in the kind of company you are in, you have to search for financial investment and funding opportunities any place you can.


Mr. Stenger. Legislator, we have had the ability to expand our resort that, as I said earlier, was started in 1955, a popular ski hotel. Our goal from a business perspective is to transform it to a year-round facility. We are currently utilizing-- this coming winter season we will utilize over 1,200 people at the hotel itself.


Mr. North was mentioning that the large men do not elevate cash this method. 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 altering the landscape of the economy in an otherwise extraordinary tough time. I would inform you that the EB-5 program has assisted us build our firm, however we are also making an effect on various other businesses and other possibilities in our area at a time when growth is simply not taking location elsewhere.


Well, you discussed Mr. North. He has likewise stated that this money is more probable to appear in rotting ski resorts in Vermont. I understand if you function at a brain trust inside the Beltway the concept that someone would in fact rely on a ski hotel-- I indicate, this is a community that will shut down in 3 inches of snow.




But allow me ask you this: You have taken a trip extensively. You have spoken to numerous possible capitalists worldwide. We have these present short-term authorizations. What sort of response do you receive from these financiers around the globe when they see us going from short-term to temporary to short-term reauthorizations? Mr.

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Senator, in a word, it is unpredictability, and with unpredictability goes the concern of whether or not a financier should take part in a program. Having a long-term authorization will offer tasks the chance to plan and develop good programs and great projects, however it additionally provides the investor the sense of confidence that what they become associated with will certainly have a possibility to be developed to its completion.


Well, let me ask a little bit much more about that. You discuss having, when this is completed, approximately 2,000 individuals functioning there. I recognize this location really, very well, as you have stated, and an awful whole lot of the work there are base pay jobs when they are available in any way.

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I get the impact, speaking with carpenters and plumbers 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 inform you that the workforce that is entailed in our programs, there are two sort of workers. There is the developing group, and then there is the functional group.


I happen to bring an image with me-- and I will share it with you later on-- of simply a fraction of the construction employees that were involved in this past winter months, last wintertime. We had 550 building and construction workers on our job in northern country Vermont - EB5 Regional Center Program. It was the biggest construction job in the State


Since the construction is nearing completion and we are going on to various other building and construction programs, the operational aspect of the facility begins. And we are boosting our permanent employment this year by over 500 people alone just this year. So it is an exceptional transformation, and it is taking location in a country area that, without this program, none of this would be taking place.

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And, of course, it is a win for the investor because they get accessibility ahead to this country. I would here restate once more what-- in our specific case, we have doctors, lawyers, designers, accountants, business people, all part of our financial investment team bringing their skills, their education and learning. They are living around the country.


Chairman Leahy. It is not what you would call a worn out ski resort. Mr. Stenger. No. I would certainly just share that we will 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 thriving, and we are a wonderful area to check out, and I welcome you all to find. Chairman Leahy. The variety of millions you are speaking around, I should simply note for the record, Legislator Grassley, we are a State of 650,000 people, to make sure that has a multiplier effect.




You stated in the past that you make it a factor to get to understand your capitalists. Would certainly you agree they have absolutely nothing to supply us other than their cash? Mr. Stenger. No, I might not differ extra. One of the terrific advantages for me personally in this program has been the opportunity to meet and welcome virtually every investor to our center.

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I have actually met personally 95 percent of them, invited them to the area, revealed them what we are doing. They have actually seen firsthand the influence that their investment is making. They have actually strolled the property. They have actually seen the thousands of construction employees. They take terrific pride in what we are doing.