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However half a million dollars is a great deal of cash. It is a great deal of cash for one individual to place in one dangerous task, and if you put together a bunch of fifty percent million bucks in a swimming pool in a job, that can be a big project, and it can develop a whole lot of jobs.


[The prepared statement of Robert C. Divine appears as a submission for the record.] Chairman Leahy. Well, I appreciate that quite, and let me ask a few questions. Mr. Stenger, you have been included with this program for years. Undoubtedly, in the type of service you are in, you have to look for investment and funding opportunities wherever you can.


Mr. Stenger. Senator, we have actually been able to increase our hotel that, as I said earlier, was founded in 1955, an extremely popular ski hotel. Our goal from an organization point ofview is to convert it to a year-round center. We are presently utilizing-- this coming winter months we will certainly employ over 1,200 people at the hotel itself.


Mr. North was stating that the large guys do not increase money this method. We are transforming the lives of numerous hundreds of individuals in our area.

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We have worked hard at it, and we are transforming the landscape of the economic climate in an otherwise extraordinary difficult time. I would certainly inform you that the EB-5 program has assisted us construct our business, however we are also making an influence on various other businesses and other possibilities in our region at a time when development is simply not taking location somewhere else.


Well, you mentioned Mr. North. He has also said that this cash is most likely to turn up in rotting ski hotels in Vermont. I realize if you function at a think tank inside the Beltway the concept that someone would in fact rely on a ski resort-- I suggest, this is a town that will certainly shut down in 3 inches of snow.




But let me ask you this: You have traveled thoroughly. You have spoken to several potential capitalists around the world. We have these current temporary permissions. What type of response do you obtain 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 a word, it is uncertainty, and with uncertainty goes the inquiry of whether a capitalist ought to get involved in a program. Having an irreversible authorization will certainly offer projects the possibility to plan and develop excellent programs and excellent tasks, yet it also offers the capitalist the feeling of confidence that what they end up being associated with will certainly have an opportunity to be developed to its completion.


Well, let me ask a little a lot more regarding that. You speak about having, when this is finished, approximately 2,000 individuals functioning there. I understand this area extremely, extremely well, as you have pointed out, and a terrible great deal of the jobs there are base pay work when they are available in 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 an image with me-- and I will share it with you after that-- of just a portion of the building and construction employees that were involved in this past winter, last winter. We had 550 building and construction workers on our task in north country Vermont - EB5 Regional Center Program. It was the largest building and construction job in the State


Since the construction is nearing website completion and we are going on to other building and construction programs, the functional element of the facility kicks in. And we are boosting our permanent employment this year by over 500 individuals alone simply this year. So it is an exceptional makeover, and it is occurring in a rural neighborhood that, without this program, none of this would certainly be going on.

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And, of program, it is a win for the capitalist due to the fact that they obtain accessibility to coming to this nation. I would restate once again what-- in our particular instance, we have physicians, attorneys, designers, accountants, entrepreneurial people, all part of our investment team bringing their abilities, their education and learning. They are living around the country.


Chairman Leahy. Mr. Stenger. I would certainly simply share that we are about to actually kick the ski seasons off in Vermont.


We are prospering, and we are a terrific location to see, and I invite you all to come. Chairman Leahy. The number of millions you are speaking around, I ought to 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 excellent advantages for me personally in this program has been the possibility to satisfy and invite virtually every financier to our center.

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I have actually 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 investment is making. They have strolled the home. They have seen the numerous building workers. They take wonderful pride in what we are doing.