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But half a million dollars is a great deal of money. It is a great deal of cash for one person to place in one high-risk project, and if you assemble a lot of fifty percent million dollars in a swimming pool in a project, that can be a large job, and it can produce a lot of tasks.


[The ready statement of Robert C. Divine appears as an entry for the document.] Chairman Leahy. Well, I appreciate that significantly, and allow me ask a couple of questions. Mr. Stenger, you have been included with this program for many years. Certainly, in the sort of service you remain in, you have to try to find financial investment and funding possibilities wherever you can.


Mr. Stenger. Legislator, we have actually been able to broaden our resort that, as I stated earlier, was established in 1955, a popular ski resort. Our goal from a company viewpoint is to convert it to a year-round facility. We are presently employing-- this coming winter season we will use over 1,200 individuals at the hotel itself.

Mr. North was pointing out that the large guys do not increase money this method. We are altering the lives of several hundreds of individuals 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 incredible difficult time. I would tell you that the EB-5 program has actually aided us construct our business, but we are also making an effect on various other services and other possibilities in our region at a time when development is simply not taking place somewhere else.


Well, you pointed out Mr. North. He has also stated that this money is more most likely to turn up in rotting ski resorts in Vermont. I understand if you work at a think container inside the Beltway the idea that someone would really rely on a ski resort-- I suggest, this is a town that will certainly fold in 3 inches of snow.




However allow me ask you this: You have traveled thoroughly. You have spoken to numerous potential financiers all read more over the world. We have these present short-term permissions. What sort of reaction do you get from these financiers worldwide when they see us going from short-term to short-term to temporary reauthorizations? Mr.

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Legislator, in a word, it is uncertainty, and with uncertainty goes the concern of whether a financier should join a program. Having a long-term authorization will certainly provide projects the chance to plan and create good programs and excellent jobs, but it also gives the capitalist the feeling of confidence that what they come to be included in will certainly have a chance to be created to its completion.


Well, allow me ask a little much more concerning that. You talk regarding having, when this is ended up, as much as 2,000 individuals working there. I understand this location very, really well, as you have pointed out, and an awful great deal of the jobs there are minimal wage work when they are available in any way.

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


I take place to bring a picture with me-- and I will certainly share it with you afterwards-- of simply a portion of the building employees that were involved in this previous winter season, last winter months. We had 550 building employees on our job in north rural Vermont - EB5 Regional Center Program. It was the biggest building task in the State


Now that the construction is nearing completion and we are taking place to other building and construction programs, the operational element of the center begins. And we are increasing our full time work this year by over 500 people alone simply this year. So it is an impressive change, and it is happening in a country area that, without this program, none of this would be going on.

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And, obviously, it is a win for the investor since they obtain access to coming to this country. But I would certainly restate once again what-- in our certain case, we have physicians, legal representatives, designers, accountants, entrepreneurial people, all part of our investment group bringing their skills, their education. They are living around the nation.


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


We are flourishing, and we are a fantastic place to visit, and I invite you all to come. Chairman Leahy. The number of millions you are speaking about, I need to just note for the record, Legislator Grassley, we are a State of 650,000 people, to make sure that has a multiplier impact.

Mr. Stenger. One of the fantastic advantages for me personally in this program has actually been the chance to satisfy and invite virtually every investor to our facility.

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I have fulfilled directly 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 walked the building. They have actually seen the hundreds of construction workers. They take wonderful satisfaction in what we are doing.