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

[The ready statement of Robert C. Divine appears as an entry for the record.] Chairman Leahy. Well, I appreciate that very much, and let me ask a few concerns. Mr. Stenger, you have been included with this program for several years. Clearly, in the kind of company you are in, you need to search for investment and financing chances anywhere you can.

Mr. Stenger. Senator, we have actually had the ability to increase our resort that, as I said earlier, was established in 1955, an incredibly popular ski hotel. Our goal from a company viewpoint is to transform it to a year-round center. We are presently using-- this coming winter we will employ over 1,200 people at the resort itself.

Mr. North was pointing out that the big men do not elevate money this method. We are transforming the lives of several hundreds of people in our area.

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We have actually functioned hard at it, and we are transforming the landscape of the economy in an or else unbelievable hard time. I would certainly tell you that the EB-5 program has aided us develop our company, yet we are additionally making an influence on other companies and other opportunities in our area at a time when growth is simply not taking location in other places.

Well, you stated Mr. North. He has additionally said that this money is most likely to turn up in worn out ski resorts in Vermont. I realize if you work at a brain trust inside the Beltway the idea that somebody would actually think in a ski hotel-- I indicate, this is a town that will certainly shut down in 3 inches of snow.



But let me ask you this: You have taken a trip thoroughly. You have spoken with lots of possible investors all over the world. We have these current short-term permissions. What type of reaction do you get from these financiers worldwide when they see us going from short-term to short-term to short-term reauthorizations? Mr.

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Senator, in a word, it is uncertainty, and with unpredictability goes the inquiry of whether or not a financier must take part in a program. Having a long-term permission will certainly give jobs the opportunity to plan and develop good programs and good projects, however it likewise offers the capitalist the sense of confidence that what they become included in will have a chance to be established to its conclusion.

Well, let me ask read more a little bit extra about that. You speak about having, when this is ended up, as much as 2,000 people working there. I know this area very, extremely well, as you have actually stated, and a horrible great deal of the tasks there are minimal wage jobs when they are readily available in any way.

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Mr. Stenger. I would certainly tell you that the workforce that is entailed in our programs, there are 2 kinds of employees.

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

Currently that the construction is nearing completion and we are taking place to other building programs, the functional aspect of the facility starts. And we are increasing our full time work this year by over 500 individuals alone just this year. It is a remarkable transformation, and it is taking place in a rural neighborhood that, without this program, none of this would be going on.

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And, naturally, it is a win for the financier because they obtain accessibility to find to this country. I would reiterate once again what-- in our particular situation, we have doctors, legal representatives, designers, accounting professionals, business individuals, all part of our investment team bringing their skills, their education and learning. They are living around the nation.

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

We are thriving, and we are a terrific area to visit, and I invite you all to find. Chairman Leahy. The variety of millions you are talking about, I need to simply note 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 terrific advantages for me directly in this program has actually been the possibility to fulfill and welcome nearly every investor to our center.

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

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