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Half a million dollars is a lot of money. It is a great deal of money for one individual to place in one high-risk task, and if you assemble a bunch of half million dollars in a pool in a job, that can be a huge task, and it can develop a great deal of jobs.


[The prepared statement of Robert C. Divine looks like a submission for the record.] Chairman Leahy. Well, I appreciate that quite, and let me ask a couple of concerns. Mr. Stenger, you have been involved with this program for numerous years. Clearly, in the kind of business you are in, you have to try to find financial investment and financing opportunities any place you can.


Mr. Stenger. EB5 Regional Center Program. Legislator, we have been able to increase our resort that, as I said previously, was founded in 1955, a really prominent ski hotel.


Mr. North was stating that the large guys do not raise money this way. We are changing the lives of numerous hundreds of people in our region.

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We have actually striven at it, and we are changing the landscape of the economy in an otherwise amazing hard time. I would certainly inform you that the EB-5 program has aided us develop our company, yet we are likewise making an impact on various other companies and various other chances in our region at a time when growth is just not taking area somewhere else.


Well, you mentioned Mr. North. He has likewise said that this cash is more probable 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 think in a ski resort-- I suggest, this is a town that will certainly close down in 3 inches of snow.




However allow me ask you this: You have traveled thoroughly. You have spoken to several potential financiers around the globe. We have these current short-term permissions. What sort of reaction do you obtain from these investors all over the world when they see us going from short-term to temporary to temporary reauthorizations? Mr.

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Legislator, in a word, it is unpredictability, and with unpredictability goes the concern of whether or not a financier ought to take part in a program. Having a long-term authorization will certainly give jobs the opportunity to plan and develop excellent programs and great projects, however it likewise offers the investor the sense of confidence that what they become associated with will certainly have a possibility to be established to its conclusion.


Well, allow me ask a little much more regarding that. You chat about having, when this is finished, as much as 2,000 individuals functioning there. I recognize this location very, effectively, as you have actually mentioned, and a terrible great deal of the work there are base pay jobs when they are offered in all.

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I get the impression, talking with woodworkers and plumbing technicians and electrical contractors there, that they are doing a lot better than they did read more previously. Is that correct? Mr. Stenger. I would inform you that the workforce that is associated with our programs, there are two type of employees. There is the developmental team, and after that there is the operational group.


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


Since the building and construction is nearing completion and we are going on to various other building and construction programs, the operational aspect of the facility begins. And we are raising our full-time employment this year by over 500 people alone simply this year. So it is a remarkable change, and it is happening in a country area that, without this program, none of this would certainly be taking place.

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And, of program, it is a win for the financier since they obtain accessibility to find to this nation. Yet I would certainly reiterate once more what-- in our specific case, we have doctors, lawyers, designers, accounting professionals, business people, all part of our financial investment team bringing their abilities, their education. They are living around the country.


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


We are flourishing, and we are a wonderful area to go to, and I welcome you all to find. Chairman Leahy. The variety of millions you are speaking around, I ought to simply note for the document, Senator Grassley, we are a State of 650,000 individuals, to ensure that has a multiplier effect.




But you stated in the past that you make it an indicate be familiar with your capitalists. Would you agree they have absolutely nothing to offer us apart from their cash? Mr. Stenger. No, I could not disagree extra. One of the wonderful benefits for me personally in this program has actually been the possibility to meet and invite virtually 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 effect that their financial investment is making. They have actually strolled the home. They have actually seen the thousands of building and construction employees. They take great satisfaction in what we are doing.