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Half a million dollars is a whole lot of money. It is a lot of cash for one person to place in one dangerous job, and if you assemble a number of half million dollars in a pool in a project, that can be a big project, and it can create a great deal of jobs.

[The ready declaration of Robert C. Divine appears as a submission for the record.] Chairman Leahy. Well, I appreciate that significantly, and let me ask a couple of questions. Mr. Stenger, you have actually been entailed with this program for several years. Obviously, in the type of service you are in, you need to look for financial investment and funding possibilities wherever you can.

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

Mr. North was discussing that the large people do not raise cash this means. We are altering the lives of numerous hundreds of individuals in our area.

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We have actually striven at it, and we are altering the landscape of the economic climate in an otherwise unbelievable difficult time. I would certainly tell you that the EB-5 program has actually assisted us build our firm, yet we are likewise making an effect on other organizations and various other chances in our region at a time when growth is just not taking place elsewhere.

Well, you pointed out Mr. North. He has likewise claimed that this cash is more probable to turn up in worn out ski resorts in Vermont. I recognize if you operate at a brain trust inside the Beltway the concept that somebody would in fact rely on a ski resort-- I mean, this is a community that will close down in 3 inches of snow.



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

Senator, legislator a word, it is uncertainty, and with uncertainty goes the question of inquiry or not an investor should participate must EB5 Regional Center Program a program. Having an irreversible permission will certainly provide jobs the chance to strategy and create great programs and good projects, but it likewise provides the capitalist the feeling of confidence that what they end up being 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, up to 2,000 people working there. I understand this location really, quite possibly, as you have pointed out, and a horrible lot of the tasks there are base pay tasks when they are readily available at all.

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Mr. Stenger. I would inform you that the workforce that is included in our programs, there are 2 kinds of workers.

I occur to bring an image with me-- and I will share it with you after that-- of just a fraction of the building and construction workers that were associated with this previous winter season, last winter months. We had 550 construction workers on our task in north rural Vermont - EB5 Regional Center Program. It was the biggest building and construction project in the State

Now that the building and construction is nearing completion and we are going on to various other building and construction programs, the operational element of the center begins. And we are raising our full-time work this year by over 500 individuals alone just this year. It is an exceptional change, and it is taking location in a country area that, without this program, none of this would be going on.

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And, certainly, it is a win for the financier since they get access to coming to this nation. I would certainly reiterate once more what-- in our particular case, we have doctors, lawyers, engineers, accountants, entrepreneurial people, all component of our investment team bringing their abilities, their education and learning. They are living around the nation.

Chairman Leahy. It is not what you would call a rotting ski hotel. Mr. Stenger. No. I would certainly just share that we will truly kick the ski seasons off in Vermont. We will welcome 4 million skiers to the State. We have 16 remarkable ski areas. It is 25 percent of our economic climate.

We are prospering, and we are a terrific place to see, and I invite you all ahead. Chairman Leahy. The number of millions you are speaking about, I need to simply note for the document, Senator Grassley, we are a State of 650,000 individuals, so that has a multiplier effect.


Mr. Stenger. One of the fantastic benefits for me directly in this program has actually been the possibility to meet and welcome virtually every investor to our facility.

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I have satisfied directly 95 percent of them, invited them to the location, shown them what we are doing. They have seen firsthand the effect that their financial investment is making. They have actually walked the residential property. They have actually seen the hundreds of building workers. They take great pride in what we are doing.

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