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I would certainly like to clarify that the Regional Facility Program is not the exact same as the half-million-dollar point. The concept of half a million or a million is a feature of the normal EB-5 regulation that becomes part of the code. It simply is a fact that a lot of the local facilities that are merging financial investments have actually set those in places of high unemployment or in rural areas where half- million-dollar investments are enabled, and that makes good sense.

Half a million bucks is a whole lot of cash. It is a great deal of cash for someone to place in one dangerous project, and if you create a bunch of half million dollars in a swimming pool in a job, that can be a large project, and it can develop a great deal of tasks.

[The prepared statement of Robert C. Divine looks like a submission for the record.] Chairman Leahy. Well, I value that quite, and allow me ask a couple of concerns. Mr. Stenger, you have actually been involved with this program for lots of years. Certainly, in the type of organization you are in, you have to seek investment and funding chances wherever you can.

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Mr. Stenger. Senator, we have actually had the ability to broaden our hotel that, as I stated previously, was established in 1955, a preferred ski resort. Our goal from an organization point ofview is to transform it to a year-round facility. We are presently utilizing-- this coming winter months we will certainly employ over 1,200 people at the hotel itself.

It is all small companies. Mr. North was mentioning that the big men do not raise cash this method. Well, we are a small business in a rural part of Vermont, and elevating resources in this manner has been reliable for us. We are altering the lives of several thousands of individuals in our area.

We have actually functioned hard at it, and we are transforming the landscape of the economy in an otherwise unbelievable challenging time. So I would inform you that the EB-5 program has assisted us develop our business, however we are likewise making an effect on various other businesses and other chances in our area each time when growth is just not happening somewhere else.

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Well, you pointed out Mr. North. He has also said that this cash is more most likely to turn up in worn out ski hotels in Vermont. I understand if you operate at a think storage tank inside the Beltway the concept that someone would really rely on a ski hotel-- I indicate, this is a community that will certainly shut down in 3 inches of snow.

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

Senator, in a word, it is uncertainty, unpredictability website with uncertainty goes the question of concern or not an investor should capitalist in a program. Having a long-term authorization will give tasks the possibility to strategy and create great programs and great tasks, however it additionally gives the financier the sense of self-confidence that what they become entailed in will have a chance to be established to its conclusion.

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Well, let me ask a little more regarding that. You discuss having, when this is completed, up to 2,000 individuals functioning there. I know this area very, quite possibly, as you have actually mentioned, and a terrible great deal of the jobs there are minimal wage jobs when they are available whatsoever.

I think, speaking to woodworkers and plumbers and electricians there, that they are doing a whole lot much better than they did in the past. Is that proper? Mr. Stenger. I would tell you that the workforce that is involved in our programs, there are 2 kinds of employees. There is the developing group, and then there is the functional team.

I occur to bring a picture with me-- and I will share it with you after that-- of just a fraction of the construction workers that were associated with this previous wintertime, last winter season. We had 550 building and construction employees on our task in north rural Vermont. It was the largest construction job in the State.

Since the building is nearing conclusion and we are going on to various other construction programs, the operational facet of the facility kicks in. And we are increasing our full time work this year by over 500 individuals alone just this year. So it is a remarkable makeover, and it is taking location in a rural neighborhood that, without this program, none of this would certainly be going on.

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And, naturally, it is a win for the capitalist since they obtain access to find to this country. However I would restate once again what-- in our certain case, we have physicians, lawyers, designers, accountants, entrepreneurial people, all part of our financial investment group bringing their skills, their education and learning. They are living around the nation.

Chairman Leahy. It is not what you would certainly call a worn out ski resort. Mr. Stenger. No. I would certainly simply share that we will actually kick the ski seasons off in Vermont. We will invite 4 million skiers to the State. We have 16 fantastic ski locations. It is 25 percent of our economy.

We are growing, and we are a terrific area to visit, and I invite you all to find. Chairman Leahy (EB5 Regional Center Program). The number of millions you are talking around, I should just note for the record, Legislator Grassley, we are a State of 650,000 individuals, to ensure that has a multiplier effect

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

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They have actually seen firsthand the impact that their investment is making. They have seen the hundreds of building workers.