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Half a million dollars is a lot of cash. It is a whole lot of money for one person to place in one dangerous project, and if you create a lot of half million bucks in a swimming pool in a task, that can be a big job, and it can develop a great deal of work.

[The ready statement of Robert C. Divine appears as a submission for the document.] Chairman Leahy. Well, I appreciate that quite, and allow me ask a couple of concerns. Mr. Stenger, you have actually been involved with this program for years. Obviously, in the type of organization you are in, you have to look for financial investment and financing possibilities any place you can.

Mr. Stenger. Senator, we have been able to broaden our hotel that, as I stated earlier, was established in 1955, a popular ski resort. Our objective from an organization viewpoint is to convert it to a year-round facility. We are currently using-- this coming winter season we will certainly utilize over 1,200 people at the hotel itself.

It is all small businesses. Mr. North was mentioning that the huge people do not increase cash in this manner. Well, we are a small company in a country part of Vermont, and increasing resources in this manner has been effective for us. We are changing the lives of numerous hundreds of individuals in our region.

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We have functioned hard at it, and we are transforming the landscape of the economy in an otherwise unbelievable tough time. So I would certainly tell you that the EB-5 program has assisted us develop our company, yet we are also making an effect on other companies and other possibilities in our region at once when development is simply not occurring somewhere else.

Well, you discussed Mr. North. He has also said that this money is more probable to show up in worn out ski hotels in Vermont. I realize if you operate at a brain trust inside the Beltway the idea that someone would in fact count on a ski hotel-- I indicate, this is a town that will fold in 3 inches of snow.



Yet allow me ask you this: You have actually traveled extensively. You have actually talked to many potential investors all over the world. We have these present temporary authorizations. What kind of response do you obtain from these investors worldwide when they see us going from short-term to short-term to short-term reauthorizations? Mr.

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Legislator, in a word, it is uncertainty, and with unpredictability goes the question of whether an investor need to join a program. Having a permanent authorization will offer projects the opportunity to plan and establish excellent programs and excellent jobs, however it additionally provides the capitalist the sense of self-confidence that what they become included in will have a possibility to be established to its completion.

Well, allow me ask a little much more regarding that. You discuss having, when this is completed, approximately 2,000 individuals functioning there. I recognize this area really, effectively, as you have discussed, and a horrible great deal of the work there are minimal wage tasks when they are readily available in all.

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I get the perception, speaking to carpenters and plumbing technicians and electrical experts there, that they are doing a great deal much better than they did previously. Is that right? Mr. Stenger. I would certainly tell you that the labor force that is involved in our programs, there are two type of workers. There is the developmental here group, and afterwards there is the operational group.

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

Currently that the building and construction is nearing conclusion and we are taking place to other construction programs, the operational element of the center kicks in. And we are raising our permanent employment this year by over 500 individuals alone simply this year. It is a remarkable improvement, and it is taking area in a country community that, without this program, none of this would certainly be going on.

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And, certainly, it is a win for the investor because they obtain access ahead to this country. I would certainly restate again what-- in our certain instance, we have doctors, attorneys, engineers, accountants, business people, all part of our investment group bringing their skills, their education and learning. They are living around the country.

Chairman Leahy. It is not what you would call a decaying ski resort. Mr. Stenger. No. I would certainly simply share that we will really kick the ski seasons off in Vermont. We will certainly welcome 4 million skiers to the State. We have 16 remarkable ski locations. It is 25 percent of our economic climate.

We are flourishing, and we are a terrific location to see, and I invite you all to find. Chairman Leahy. The variety of millions you are chatting about, I must simply note for the record, Senator Grassley, we are a State of 650,000 people, to make sure that has a multiplier effect.


Mr. Stenger. One of the wonderful benefits for me directly in this program has been the possibility to fulfill and invite almost every investor to our facility.

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They have actually seen firsthand the influence that their investment is making. They have actually seen the hundreds of construction employees.

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