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But half a million bucks is a whole lot of cash. It is a great deal of money for someone to put in one risky project, and if you assemble a number of half million dollars in a swimming pool in a job, that can be a large task, and it can develop a great deal of jobs.


[The prepared statement of Robert C. Divine appears as a submission for the document.] Chairman Leahy. Well, I appreciate that really much, and let me ask a couple of concerns. Mr. Stenger, you have actually been involved with this program for several years. Clearly, in the kind of company you remain in, you have to try to find investment and funding chances wherever you can.


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


Mr. North was discussing that the large people do not elevate money this way. We are changing the lives of lots of 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 situation in an otherwise extraordinary hard time. So I would inform you that the EB-5 program has aided us build our business, however we are likewise making an impact on various other services and other chances in our region at a time when development is just not occurring elsewhere.


Well, you discussed Mr. North. He has also said that this cash is more likely to reveal up in rotting ski hotels in Vermont. I understand if you operate at a think container inside the Beltway the concept that someone would really count on a ski resort-- I indicate, this is a town that will fold in 3 inches of snow.




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


Senator, legislator a word, it is uncertainty, unpredictability with uncertainty goes unpredictability question of concern or not an investor should capitalist in a program. Having a permanent consent will offer tasks the opportunity to plan and create excellent programs and excellent jobs, but it also gives the investor the sense of confidence that what they come to be entailed in will have a chance to be created to its completion.


Well, let me ask a little extra about that. You talk regarding having, when this is finished, up to 2,000 people functioning there. I understand this location very, extremely well, as you have actually mentioned, and a terrible whole lot of the work there are base pay work when they are offered whatsoever.

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Mr. Stenger. I would certainly tell you that the workforce that is included in our programs, there are two kinds of workers.


I take place to bring a photo with me-- and I will share it with you afterwards-- of just a fraction of the building and construction employees that were entailed in this previous winter months, last winter months. We had 550 building and construction employees on our task in northern rural Vermont - EB5 Regional Center Program. It was the biggest building task in the State


Since the construction is nearing completion and we are taking place to various other building and construction programs, the operational element of the facility starts. And we are raising our full-time employment this year by over 500 people alone just this year. It is an exceptional makeover, and it is taking location in a rural neighborhood that, without this program, none of this would be going on.

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And, naturally, it is a win for the investor due to the fact that they get accessibility ahead to this nation. I would reiterate again what-- in our check here particular situation, we have physicians, lawyers, designers, accountants, business individuals, all component of our financial investment group 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 just share that we will actually kick the ski periods off in Vermont. We will certainly welcome 4 million skiers to the State. We have 16 fantastic ski areas. It is 25 percent of our economy.


We are prospering, and we are a wonderful place to see, and I welcome you all ahead. Chairman Leahy. The number of millions you are speaking about, I should just keep in mind for the record, Senator Grassley, we are a State of 650,000 people, to make sure that has a multiplier result.




Mr. Stenger. One of the great advantages for me personally in this program has been the opportunity to meet and welcome virtually every financier 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 building and construction employees.