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And I have been honored to meet them and honored to invite them. Chairman Leahy. As my last inquiry, in some of the statement this early morning there has been a pointer that, of training course, simply with all the hundreds of billions, trillions of bucks ready to invest, you need to simply go someplace else.


Stenger. I would certainly inform you that in this environment the capacity to raise funding for the points we are doing would have-- it is difficult to do so in a fashion that would permit us as effectively and as quickly develop things we have actually done. You can borrow money if you have got 50 percent down.


I could have obtained fifty percent of that if I had the $12 million in money to install. Every person knows that, yes, banks have money to car loan as long as you have actually obtained fifty percent of it in your pocket before you ask for the other fifty percent. That is not how company works these days.

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You are talking from a real-world experience, not from a brain trust experience. I will certainly leave that just as a gratuitous remark from the Chairman. Legislator Grassley. Senator Grassley. Thank you. I wish to be accountable in this problem of undocumented employees. I wish to confess that we just have anecdotal info, however I would certainly like to ask you to what extent you have to go or do most likely to make sure that the facilities make certain that the investments do not create tasks for people here illegally.


Mr. Stenger. We have hired-- as I said, at the Peak we had 550 construction workers on our task.


They are made up of 10, 15, 20, 30 staff members. They are profiting straight from the investment. I know the workers, I understand their family members, and we have been able to employ-- with these last 3 years of awful financial chaos, we have been able to employ nearly every building employee in our county and the bordering counties.

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locals. They reside in the area. Their households are there. They are spent in the areas, and they are all U.S. workers. Legislator Grassley. You do not need to utilize e-verify, yet I would love to understand whether or not you do. Mr. Stenger. We do. Senator Grassley. You do.


Mr. North, along the same lines of best site the concern I asked him, has your research study revealed examples other-- and I just gave one instance, so I desire to admit that and be responsible regarding it-- of facilities working with undocumented individuals? Mr. EB5 Regional Center Program. North.




This is a bad application." There is an amount of poor applications out there, however only as soon as that procedure gets before an administrative law judge do we see a lot in the method of detail. Currently, there was one situation that you stated, and let me simply specify on that a bit.

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Mr - EB5 Regional Center Program. North. The dairy farm had declared 17 workers, and they got into it, and the court located that 16 of them were this website illegals.


Okay. I am going to ask different inquiries of each of the three of you, however it handles this one problem. As I claimed in my opening statement, I am concerned regarding the prospective loophole that permits investors to withdraw their investment in local centers after obtaining their permit.


Divine, are you conscious of any circumstances in which a capitalist took out the investment and left quickly after getting an eco-friendly card? And if you are, or if you think it is a trouble, do you think that it is a loophole that should be closed? Mr. Divine. I would certainly state that a lot of the financiers, if you inquired what are their goals, they would certainly say, "I intend to get a permit, and I want to keep it.


If I put my cash in a hotel growth-- Senator Grassley. Can I presume then that you are claiming that there does not need to be any kind of changes made in that regard? Mr. Divine. I do not assume so. Legislator Grassley. Okay. Let me ask Mr. Stenger, is it usual for an investor in your experience to withdraw his/her financial investment instantly after getting a permit? Mr.

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Senator, no. Our programs call for that the financier be invested for a minimum of 5 years and be paid back just if the business is in a placement to do so at the end of that time. We have the benefit of the resources to develop the company, get it running, make it effective, guarantee that the work will be developed and maintained, and then just if the organization is successful go to website will certainly there be an exit strategy for the financier.