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Half a million bucks is a whole lot of money. It is a great deal of cash for someone to put in one high-risk project, and if you create a number of half million bucks in a swimming pool in a project, that can be a big task, and it can produce a great deal of work.


[The prepared statement of Robert C. Divine appears as a submission for the record.] Chairman Leahy. Well, I appreciate that very much, and let me ask a few concerns. Mr. Stenger, you have been involved with this program for several years. Undoubtedly, in the type of organization you remain in, you need to look for financial investment and funding opportunities anywhere you can.


Mr. Stenger. Senator, we have actually been able to broaden our hotel that, as I said earlier, was founded in 1955, a preferred ski hotel. Our goal from a service standpoint is to convert it to a year-round facility. We are presently utilizing-- this coming winter season we will use over 1,200 people at the resort itself.


It is all local business. Mr. North was discussing that the large guys do not increase cash by doing this. Well, we are a small business in a country part of Vermont, and increasing resources in this manner has actually worked for us. We are altering the lives of several numerous people in our area.

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We have worked hard at it, and we are transforming the landscape of the economy in an otherwise extraordinary difficult time. I would certainly tell you that the EB-5 program has assisted us develop our firm, yet we are likewise making an impact on various other services and other possibilities in our area at a time when development is simply not taking location elsewhere.


Well, you stated Mr. North. He has likewise said that this cash is most likely to turn up in worn out ski hotels in Vermont. I recognize if you operate at a think tank inside the Beltway the idea that someone would really count on a ski resort-- I mean, this is a town that will shut down in 3 inches of snow.




Allow me ask you this: You have traveled thoroughly. You have actually spoken to many potential capitalists around the globe. We have these current temporary consents. What sort of response do you receive from these investors worldwide when they see us going from short-term to temporary to short-term reauthorizations? Mr.

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Senator, in a word, it is uncertainty, and with uncertainty goes the question of whether or not a financier need to get involved in a program. Having an irreversible permission will certainly provide jobs the chance to plan and develop good programs and great jobs, however it also provides the financier the sense of confidence that what they end up being included in will have a possibility to be created to its completion.


Well, allow me ask a bit more concerning that. You speak about having, when this is finished, approximately 2,000 people functioning there. I recognize this location very, extremely well, as you have actually stated, and a dreadful whole lot of the tasks there are minimal wage tasks when they are available in any way.

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I think, speaking to carpenters and plumbers and electricians there, that they are doing a whole lot better than they did in the past. Is that appropriate? Mr. Stenger. I would tell you that the labor force that is included in our programs, there are 2 type of workers. There is the developing group, and afterwards there is the functional group.


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


Now that the building and construction is nearing conclusion and we are taking place to various other building and construction programs, the operational facet of the facility kicks in. And we are boosting our full time work this year by over 500 individuals alone simply this year. It is an amazing improvement, and it is website taking area in a country area that, without this program, none of this would be going on.

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And, of course, it is a win for the capitalist since they get accessibility ahead to this nation. I would restate again what-- in our certain instance, we have medical professionals, attorneys, engineers, accountants, entrepreneurial individuals, all component of our investment team bringing their abilities, their education and learning. They are living around the country.


Chairman Leahy. It is not what you would certainly call a rotting ski resort. Mr. Stenger. No. I would just share that we will actually kick the ski periods off in Vermont. We will invite 4 million skiers to the State. We have 16 remarkable ski areas. It is 25 percent of our economy.


We are prospering, and we are a terrific place to see, and I invite you all to come. Chairman Leahy. The variety of millions you are speaking about, I ought to just keep in mind for the record, Legislator Grassley, we are a State of 650,000 people, to ensure that has a multiplier effect.




Mr. Stenger. One of the great advantages for me directly in this program has been the chance to meet and invite virtually every investor to our facility.

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They have seen firsthand the effect that their financial investment is making. They have seen the hundreds of construction workers.