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Yet half a million bucks is a great deal of money. It is a lot of cash for a single person to put in one risky task, and if you place together a number of fifty percent million bucks in a swimming pool in a job, that can be a huge job, and it can develop a lot of work.


[The prepared statement of Robert C. Divine appears as an entry for the document.] Chairman Leahy. Well, I value that significantly, and let me ask a couple of questions. Mr. Stenger, you have been included with this program for years. Certainly, in the type of service you are in, you have to seek investment and financing opportunities any place you can.


Mr. Stenger. Senator, we have actually had the ability to expand our resort that, as I claimed earlier, was started in 1955, a preferred ski resort. Our goal from a business viewpoint is to convert it to a year-round center. We are currently utilizing-- this coming winter season we will utilize over 1,200 individuals at the resort itself.


Mr. North was stating that the huge individuals do not elevate money this method. We are altering the lives of many hundreds of people in our region.

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We have striven at it, and we are transforming the landscape of the economic climate in an or else incredible hard time. I would certainly tell you that the EB-5 program has helped us build our firm, yet we are likewise making an impact on various other businesses and other possibilities in our region at a time when development is just not taking place in other places.


Well, you pointed out Mr. North. He has also said that this money is more most likely to appear in worn out ski resorts in Vermont. I understand if you work at a think container inside the Beltway the idea that someone would really rely on a ski resort-- I indicate, this is a community that will shut down in 3 inches of snow.




But let me ask you this: You have taken a trip thoroughly. You have talked with several prospective capitalists around the globe. We have these present short-term permissions. What sort of reaction do you obtain from these financiers all over the world when they see us going from temporary to short-term to temporary reauthorizations? Mr.

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Legislator, in a word, it is uncertainty, and with unpredictability goes the concern of whether or not a capitalist need to get involved in a program. Having an irreversible consent will certainly provide tasks the possibility to plan and develop excellent programs and great projects, however it likewise gives the capitalist the feeling of self-confidence that what they end up being associated with will have an opportunity to be established to its conclusion.


Well, allow me ask a little more about that. You speak regarding having, when this is completed, approximately 2,000 individuals functioning there. I know this area very, extremely well, as you have discussed, and here a dreadful whole lot of the tasks there are minimum wage jobs when they are offered in all.

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I obtain the impression, speaking to woodworkers and plumbing technicians and electrical contractors there, that they are doing a lot better than they did in the past. Is that right? Mr. Stenger. I would certainly tell you that the labor force that is involved in our programs, there are 2 type of workers. There is the developing team, and after that there is the functional team.


I happen to bring an image with me-- and I will certainly share it with you afterwards-- of just a fraction of the building employees that were associated with this previous winter, last winter season. We had 550 construction employees on our project in north country Vermont - EB5 Regional Center Program. It was the largest building job in the State


Currently that the building is nearing conclusion and we are going on to various other construction programs, the functional facet of the facility begins. And we are enhancing our full time work this year by over 500 individuals alone simply this year. So it is an exceptional change, and it is happening in a country 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 obtain access to find to this country. However I would certainly restate once more what-- in our certain case, we have physicians, lawyers, engineers, accounting professionals, business people, all part of our financial investment group bringing their skills, 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 just share that we will actually kick the ski seasons off in Vermont. We will certainly invite 4 million skiers to the State. We have 16 wonderful ski areas. It is 25 percent of our economy.


We are thriving, and we are a remarkable place to check out, and I invite you all ahead. Chairman Leahy. The variety of millions you are chatting around, I should just note for the document, Legislator Grassley, we are a State of 650,000 people, so that has a multiplier effect.




You claimed in the past that you make it a point to obtain to understand your investors. Would certainly you agree they have absolutely nothing to supply us other than their cash? Mr. Stenger. No, I might not disagree a lot more. One of the terrific benefits for me personally in this program has actually been the chance to fulfill and invite nearly every investor to our center.

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I have fulfilled directly 95 percent of them, welcomed them to the area, revealed them what we are doing. They have actually seen firsthand the influence that their financial investment is making. They have actually strolled the residential property. They have seen the hundreds of construction employees. They take terrific pride in what we are doing.