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Half a million dollars is a whole lot of cash. It is a lot of money for one person to place in one risky task, and if you assemble a lot of fifty percent million bucks in a swimming pool in a task, that can be a large project, and it can create a lot of tasks.


[The prepared declaration of Robert C. Divine shows up as an entry for the record.] Chairman Leahy. Well, I appreciate that significantly, and let me ask a few concerns. Mr. Stenger, you have actually been included with this program for several years. Undoubtedly, in the kind of organization you remain in, you need to seek financial investment and financing opportunities anywhere you can.


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


Mr. North was discussing that the big people do not elevate money this way. We are transforming the lives of lots of hundreds of people in our area.

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We have actually striven at it, and we are altering the landscape of the economy in an otherwise amazing challenging time. So I would tell you that the EB-5 program has actually assisted us develop our business, but we are also making an effect on other companies and various other chances in our region at a time when growth is just not occurring in other places.


Well, you pointed out Mr. North. He has also stated that this cash is most likely to turn up in worn out ski resorts in Vermont. I realize if you operate at a brain trust inside the Beltway the idea that someone would in fact rely on a ski hotel-- I mean, this is a community that will fold in 3 inches of snow.




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


Senator, in a word, it is uncertainty, and with uncertainty goes the question of concern or not an investor should participate need to a program. Having a permanent permission will provide projects the possibility to plan and establish good programs and great tasks, but it likewise offers the investor the sense of self-confidence that what they become entailed in will have an opportunity to be developed to its completion.


Well, allow me ask a little more click this link about that. You speak about having, when this is completed, as much as 2,000 people working there. I understand this area very, extremely well, as you have discussed, and a dreadful great deal of the jobs there are minimum wage work when they are available in any way.

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I think, speaking to carpenters and plumbing technicians and electricians there, that they are doing a whole lot much better than they did previously. Is that proper? Mr. Stenger. I would certainly tell you that the labor force that is associated with our programs, there are two sort of workers. There is the developing team, and after that there is the functional team.


I occur to bring a picture with me-- and I will certainly share it with you afterwards-- of just a fraction of the construction workers that were included in this past winter season, last winter. We had 550 construction workers on our project in northern rural Vermont - EB5 Regional Center Program. It was the biggest building task in the State


Currently that the construction is nearing completion and we are going on to other construction programs, the operational element of the facility starts. And we are increasing our full-time work this year by over 500 individuals alone simply this year. So it is an amazing change, and it is taking place in a rural neighborhood that, without this program, none of this would be going on.

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And, certainly, it is a win for the investor because they obtain accessibility ahead to this country. I would certainly restate again what-- in our certain instance, we have doctors, legal representatives, engineers, accounting professionals, business people, all component 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 rotting ski hotel. Mr. Stenger. No. I would simply share that we will really kick the ski periods off in Vermont. We will invite 4 my blog million skiers to the State. We have 16 fantastic ski areas. It is 25 percent of our economy.


We are flourishing, and we are a wonderful location to see, and I invite you all to find. Chairman Leahy. moved here The number of millions you are discussing, I need to just keep in mind for the record, Legislator Grassley, we are a State of 650,000 people, to make sure that has a multiplier effect.




You claimed in the past that you make it a point to get to understand your investors. Would you concur they have absolutely nothing to offer us aside from their cash? Mr. Stenger. No, I could not differ a lot more. Among the wonderful benefits for me personally in this program has been the chance to satisfy and invite almost every financier to our center.

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I have actually fulfilled personally 95 percent of them, welcomed them to the area, shown them what we are doing. They have actually seen firsthand the effect that their financial investment is making. They have actually walked the residential or commercial property. They have seen the hundreds of building workers. They take excellent pride in what we are doing.