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Half a million dollars is a whole lot of money. It is a lot of cash for one person to put in one dangerous job, and if you assemble a bunch of fifty percent million dollars in a pool in a job, that can be a big job, and it can develop a lot of work.


[The prepared declaration of Robert C. Divine shows up as an entry for the document.] Chairman Leahy. Well, I value that quite, and let me ask a couple of questions. Mr. Stenger, you have been included with this program for several years. Undoubtedly, in the kind of business you are in, you need to seek investment and financing possibilities wherever you can.


Mr. Stenger. EB5 Regional Center Program. Senator, we have been able to expand our resort that, as I claimed earlier, was established in 1955, a very popular ski resort.


It is all local business. Mr. North was pointing out that the large people do not increase cash by doing this. Well, we are a tiny company in a country component of Vermont, and increasing resources in this manner has worked for us. We are changing the lives of several numerous individuals in our area.

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We have functioned hard at it, and we are transforming the landscape of the economy in an or else amazing tough time. I would certainly inform you that the EB-5 program has actually assisted us build our firm, however we are also making an effect on other services and other opportunities in our region at a time when development is simply not taking location somewhere else.


Well, you discussed Mr. North. He has also claimed that this money is more probable to turn up in rotting ski resorts in Vermont. I understand if you work at a think storage tank inside the Beltway the concept that someone would really think in a ski hotel-- I indicate, this is a community that will shut down in 3 inches of snow.




What kind of response do you obtain from these financiers around the world when they see us going from temporary to temporary to temporary reauthorizations? Mr.


Senator, legislator a word, it is uncertainty, unpredictability with uncertainty goes the question of concern or not an investor should financier must get involved program. Having an irreversible permission will certainly give jobs the chance to plan and develop great programs and good projects, but it also gives the capitalist the sense of confidence that what they end up being involved in will have a possibility to be developed to its conclusion.


Well, let me ask a little bit much more concerning that. You chat about having, when this is ended up, approximately 2,000 individuals working there. I recognize this location extremely, quite possibly, as you have actually pointed out, and an awful whole lot of the jobs 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 electricians there, that they are doing a whole lot far better than they did before. Is that right? Mr. Stenger. I would certainly tell you that the workforce that is included in our programs, there are two type of workers. There is the developing group, and afterwards there is the functional group.


I happen to bring a picture with me-- and I will certainly share it with you after that-- of simply a fraction of the construction employees that were associated with this previous wintertime, last winter. We had 550 construction employees on our project in northern country Vermont - EB5 Regional Center Program. It was the largest construction task in the State


Now that the building and construction is nearing completion and we are going on to various other building programs, the functional aspect of the facility begins. And we are enhancing our permanent employment this year by over 500 individuals alone simply this year. So it is a remarkable change, and it is occurring in a country community that, without this program, none of this would be going on.

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And, of training course, it is a win for the capitalist since they get accessibility ahead to this country. But I would certainly restate again what-- in our specific case, we have doctors, attorneys, designers, accounting professionals, entrepreneurial people, all component of our investment group bringing their skills, their education and learning. They are living around the country.


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


We are prospering, and we are a remarkable area to check out, and I invite you all to find. Chairman Leahy. The number of millions you are speaking around, I ought to simply keep in mind for the record, Senator Grassley, we are a more info State of 650,000 people, to make sure that has a multiplier impact.




Mr. Stenger. One of the fantastic advantages for me directly in this program has been the chance to meet and welcome practically every investor to our facility.

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I have actually met personally 95 percent of them, welcomed them to the area, shown them what we are doing. They have seen firsthand the impact that their investment is making. They have strolled the home. They have actually seen the numerous building and construction workers. They take wonderful satisfaction in what we are doing.