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Half a million dollars is a great deal of cash. It is a whole lot of cash for one individual to place in one high-risk task, and if you place together a number of fifty percent million bucks in a swimming pool in a job, that can be a huge job, and it can produce a lot of tasks.

Well, I value that very a lot, and let me ask a couple of questions. Mr. Stenger, you have actually been included with this program for many years. Clearly, in the kind of business you are in, you have to look for financial investment and funding chances wherever you can.

Mr. Stenger. Legislator, we have been able to increase our resort that, as I claimed earlier, was established in 1955, an incredibly popular ski resort. Our objective from a business perspective is to transform it to a year-round center. We are presently utilizing-- this coming winter season we will certainly employ over 1,200 people at the resort itself.

Mr. North was stating that the large men do not raise money this method. We are transforming the lives of many hundreds of individuals in our area.

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We have striven at it, and we are changing the landscape of the economy in an or else extraordinary difficult time. So I would certainly tell you that the EB-5 program has helped us develop our business, but we are also making an impact on various other organizations and various other opportunities in our region at a time when development is just not occurring in other places.

Well, you pointed out Mr. North. He has also claimed that this money is much more likely to reveal up in worn out ski resorts in Vermont. I recognize if you operate at a brain trust inside the Beltway the idea that someone would really believe in a ski hotel-- I suggest, this is a town that will certainly close down in 3 inches of snow.



What kind of response do you obtain from these capitalists around the globe when they see us going from temporary to short-term to temporary reauthorizations? Mr.

Senator, in a word, it is uncertainty, and with uncertainty goes unpredictability question of whether or not an investor should capitalist need to a program. Having a long-term check here authorization will offer tasks the chance to plan and establish excellent programs and excellent projects, yet it also offers the investor the feeling of confidence that what they become entailed in will have an opportunity to be developed to its completion.

Well, allow me ask a little bit much more about that. You talk regarding having, when this is completed, up to 2,000 individuals functioning there. I recognize this area very, effectively, as you have discussed, and a terrible lot of the work there are minimal wage jobs when they are readily available in any way.

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Mr. Stenger. I would inform you that the labor force that is entailed in our programs, there are two kinds of employees.

I happen to bring an image with me-- and I will certainly share it with you later on-- of simply a portion of the building workers that were associated with this past winter, last winter. We had 550 construction workers on our project in northern rural Vermont - EB5 Regional Center Program. It was the biggest building and construction job in the State

Since the construction is nearing completion and we are going on to other building and construction programs, the operational facet of the facility kicks in. And we are increasing our permanent work this year by over 500 people 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 taking place.

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And, certainly, it is a win for the capitalist due to the fact that they get access to coming to this nation. I would reiterate once again what-- in our specific case, we have doctors, attorneys, designers, accountants, entrepreneurial individuals, all part of our financial investment group bringing their skills, their education. They are living around the nation.

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

We are growing, and we are a terrific location to go to, and I welcome you all to find. Chairman Leahy. The number of millions you are speaking about, I need to just note for the document, Legislator Grassley, we are a State of 650,000 individuals, to make sure that has a multiplier effect.


Mr. Stenger. One of the great advantages for me personally in this program has been the possibility to satisfy and invite nearly every investor to our facility.

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

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