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But half a million dollars is a great deal of cash. It is a great deal of money for one individual to put in one high-risk job, and if you put together a bunch of fifty percent million dollars in a pool in a job, that can be a large task, and it can produce a whole lot of work.


[The prepared statement of Robert C. Divine appears as a submission for the document.] Chairman Leahy. Well, I value that significantly, 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 organization you remain in, you need to search for financial investment and funding possibilities wherever you can.


Mr. Stenger. Senator, we have been able to increase our resort that, as I claimed earlier, was founded in 1955, a preferred ski resort. Our objective from a company point ofview is to transform it to a year-round center. We are currently utilizing-- this coming winter months we will certainly use over 1,200 people at the resort itself.


It is all local business. Mr. North was discussing that the huge guys do not raise money in this manner. Well, we are a small business in a country component of Vermont, and elevating funding this way has actually worked for us. We are changing the lives of several thousands of people in our region.

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We have worked hard at it, and we are transforming the landscape of the economy in an or else incredible hard time. So I would certainly inform you that the EB-5 program has assisted us construct our business, but we are also making an effect on other services and other possibilities in our area each time when advancement is simply not occurring elsewhere.


Well, you pointed out Mr. North. He has also said that this cash is most likely to turn up in decaying ski hotels in Vermont. I realize if you function at a brain trust inside the Beltway the idea that someone would really think in a ski hotel-- I mean, this is a town that will shut down in 3 inches of snow.




But let me ask you this: You have actually taken a trip thoroughly. You have actually spoken with many possible financiers worldwide. get more info We have these present short-term permissions. What kind of response do you get from these capitalists around the globe when they see us going from short-term to short-term to temporary reauthorizations? Mr.

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Senator, in brief, it is uncertainty, and with unpredictability goes the question of whether or not an investor ought to take part in a program. Having a permanent authorization will give projects the chance to strategy and establish excellent programs and great tasks, however it likewise gives the investor the feeling of confidence that what they end up being associated with will have an opportunity to be developed to its completion.


Well, allow me ask a bit much more concerning that. You discuss having, when this is finished, as much as 2,000 individuals working there. I know this location very, extremely well, as you have actually mentioned, and a terrible great deal of the jobs there are base pay jobs when they are readily available at all.

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I think, speaking with woodworkers and plumbing technicians and electrical experts there, that they are doing a whole lot better than they did previously. Is that appropriate? Mr. Stenger. I would certainly tell you that the workforce that is involved in our programs, there are 2 kinds of workers. There is the developing team, and after that there is the operational team.


I occur to bring a photo with me-- and I will share it with you after that-- of simply a portion of the construction employees that were involved in this past winter, last winter. We had 550 building and construction employees on our job in northern rural Vermont - EB5 Regional Center Program. It was the biggest construction job in the State


Currently that the building is nearing completion and we are going on to other building programs, the functional facet of the facility begins. And we are enhancing our full time work this year by over 500 people alone just this year. It is an exceptional improvement, and it is taking area in a rural area that, without this program, none of this would certainly be going on.

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And, certainly, it is a win for the financier because they get accessibility to coming to this nation. I would reiterate again what-- in our particular situation, we have medical professionals, legal representatives, engineers, accountants, entrepreneurial individuals, all part of our financial investment team bringing their skills, their education and learning. They are living around the country.


Chairman Leahy. Mr. Stenger. I would just share that we are concerning to actually kick the ski periods off in Vermont.


We are flourishing, and we are a remarkable area to visit, and I invite you all to come. Chairman Leahy. The number of millions you are speaking about, I ought to simply keep in mind for the record, Senator Grassley, we are a State of 650,000 people, to ensure that has a multiplier result.




Mr. Stenger. One of the excellent advantages for me personally in this program has been the chance to satisfy and invite virtually every investor to our center.

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