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Yet half a million dollars is a great deal of money. It is a great deal of money for someone to place in one risky project, and if you create a bunch of fifty percent million dollars in a swimming pool in a project, that can be a large job, and it can produce a great deal of jobs.


[The prepared declaration of Robert C. Divine looks like an entry for the record.] Chairman Leahy. Well, I value that significantly, and allow me ask a couple of inquiries. Mr. Stenger, you have been involved with this program for many years. Certainly, in the sort of organization you are in, you need to seek investment and financing opportunities wherever you can.


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


Mr. North was stating that the big men do not elevate cash this means. We are altering the lives of numerous hundreds of people in our region.

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We have striven at it, and we are altering the landscape of the economic situation in an or else unbelievable tough time. I would certainly tell you that the EB-5 program has assisted us construct our business, but we are also making an impact on other businesses and other opportunities in our area at a time when development is just not taking place somewhere else.


Well, you discussed Mr. North. He has likewise stated that this money is most likely to turn up in decaying ski hotels in Vermont. I understand if you work at a brain trust inside the Beltway the idea that someone would actually think in a ski hotel-- I mean, this is a community that will certainly shut down in 3 inches of snow.




What kind of reaction do you get from these financiers around the world when they see us going from temporary to short-term to temporary reauthorizations? Mr.


Senator, legislator a word, it is uncertainty, unpredictability with uncertainty goes unpredictability question of whether or not an investor should capitalist in take part program. Having a permanent authorization will certainly give projects the opportunity to plan and create good programs and good projects, but it additionally offers the financier the feeling of confidence that what they end up being included in will have an opportunity to be created to its completion.


Well, let me ask a little bit more regarding that. You speak concerning having, when this is ended up, approximately 2,000 individuals working there. I know this area very, quite possibly, as you have stated, and a dreadful great deal of the tasks there are base pay work when they are EB5 Regional Center Program available whatsoever.

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I think, talking to woodworkers and plumbing professionals and electricians there, that they are doing a lot far better than they did before. Is that correct? Mr. Stenger. I would certainly inform you that the workforce that is associated with our programs, there are two sort of workers. There is the developmental team, and afterwards there is the functional group.


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


Since the building is nearing completion and we are going on to other building programs, the functional aspect of the center starts. And we are raising our full time employment this year by over 500 people alone simply this year. It is an amazing makeover, and it is taking location in a country area that, without this program, none of this would certainly be going on.

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And, of training course, it is a win for the financier due to the fact that they get access to find to this country. I would restate again what-- in our particular instance, we have doctors, lawyers, engineers, accounting professionals, entrepreneurial individuals, all component of our financial investment group bringing their skills, their education and learning. They are living around the nation.


Chairman Leahy. Mr. Stenger. I would certainly simply share that we are concerning to truly kick the ski periods off in Vermont.


We are thriving, and we are a terrific location to see, and I welcome you all to come. Chairman Leahy. The number of millions you are talking around, I should just note for the record, Senator Grassley, we are a State of 650,000 individuals, to make sure that has a multiplier effect.




Mr. Stenger. One of the terrific benefits for me directly in this program has been the chance to meet and invite nearly every financier to our center.

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I have fulfilled directly 95 percent of them, invited them to the location, revealed them what we are doing. They have seen firsthand the effect that their financial investment is making. They have strolled the property. They have seen the thousands of construction workers. They take wonderful satisfaction in what we are doing.