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Half a million dollars is a lot of money. It is a lot of money for one person to place in one dangerous job, and if you assemble a number of fifty percent million bucks in a swimming pool in a task, that can be a large project, and it can create a great deal of tasks.


[The prepared statement of Robert C. Divine looks like a submission for the record.] Chairman Leahy. Well, I appreciate that quite, and allow me ask a couple of inquiries. Mr. Stenger, you have actually been entailed with this program for several years. Clearly, in the sort of organization you remain in, you need to try to find financial investment and financing chances wherever you can.


Mr. Stenger. EB5 Regional Center Program. Senator, we have actually been able to broaden our resort that, as I claimed earlier, was established in 1955, an extremely popular ski hotel.


Mr. North was stating that the large men do not increase cash this method. We are transforming the lives of many hundreds of people in our region.

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We have actually striven at it, and we are changing the landscape of the economic climate in an otherwise amazing tough time. I would inform you that the EB-5 program has helped us construct our business, but we are additionally making an influence on other businesses and various other chances in our region at a time when growth is just not taking area in other places.


Well, you discussed Mr. North. He has also claimed that this money is extra most likely to show up in worn out ski resorts in Vermont. I understand if you work at a brain trust inside the Beltway the concept that somebody would really rely on a ski hotel-- I mean, this is a community that will fold in 3 inches of snow.




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


Senator, in a word, it is uncertainty, unpredictability with uncertainty goes the question of concern or not an investor should capitalist ought to get involved program. Having a long-term consent will provide tasks the opportunity to strategy and create good programs and great tasks, but it additionally gives the financier the feeling of self-confidence that what they become included in will certainly have an opportunity to be established to its conclusion.


Well, let me ask a little bit a lot more concerning that. You talk regarding having, when this is ended up, approximately 2,000 people working there. I understand this location very, extremely well, as you have pointed out, and an awful great deal of the tasks there are base pay work when they are readily available at all.

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Mr. Stenger. I would tell you that the workforce that is entailed in our programs, there are 2 kinds of employees.


I happen to bring a photo with me-- and I will certainly share it with you after that-- of simply a fraction of the building workers that were included in this past winter months, last winter season. We had 550 construction employees on our task in north country Vermont - EB5 Regional Center Program. It was the largest building project in the State


Currently that the building is nearing completion and we are taking place to other building and construction programs, the operational element of the facility starts. And we are increasing our full-time work this year by over 500 individuals alone simply this year. It is an amazing 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 accessibility to coming to this nation. But I would certainly reiterate once again what-- in our particular instance, we have physicians, attorneys, engineers, accountants, business people, all part of our financial investment team bringing their skills, their education. They are living around the country.


Chairman Leahy. It is not what you would call a decaying ski hotel. Mr. Stenger. No. I would certainly just share that we are regarding to really kick the ski periods off in Vermont. We will welcome 4 million skiers to the State. We have 16 remarkable ski areas. It is 25 percent of our economy.


We are growing, and we are a terrific place to see, and I invite you all ahead. Chairman Leahy. The number of millions you are discussing, I should just keep in mind for the record, Legislator Grassley, we are a State of 650,000 people, to make sure that has a multiplier effect.




Mr. Stenger. One of more info the great 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 actually seen firsthand the effect that their investment is making. They have seen the hundreds of construction workers.