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And I have been pleased to fulfill them and proud to invite them. Chairman Leahy. As my last inquiry, in some of the statement this early morning there has actually been a recommendation that, of course, just with all the hundreds of billions, trillions of dollars all set to invest, you need to simply go someplace else.

Stenger. I would certainly tell you that in this environment the capability to raise resources for the important things we are doing would certainly have-- it is impossible to do so in a manner that would certainly allow us as effectively and as rapidly produce the important things we have actually done. You can obtain money if you have obtained 50 percent down.

I can have borrowed fifty percent of that if I had the $12 million in money to set up. Everybody understands that, yes, financial institutions have money to car loan as long as you have got half of it in your pocket before you request for the various other half. That is not exactly how company works these days.

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Legislator Grassley. Legislator Grassley. I want to confess that we only have unscientific information, however I would such as to ask you to what extent you have to go or do go to make certain that the centers make certain that the financial investments do not develop jobs for people below illegally.

Mr. Stenger. Legislator, I am a hands-on owner of an organization, and I am on-property every day. We have actually employed-- as I said, at the Peak we had 550 building employees on our project. The marching orders that I provided to my team is that we are to work with local firms in practically every circumstances to do every one of the building and construction.

They are made up of 10, 15, 20, 30 staff members. They are profiting directly from the financial investment. I understand the workers, I know their households, and we have been able to employ-- through these last 3 years of dreadful financial turmoil, we have been able to utilize practically every building worker in our area and the bordering counties.

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They are spent in the areas, and they are all U.S. workers. Legislator Grassley. Mr. Stenger.

Mr. North, along the exact same lines of the concern I asked him, has your study shown examples other-- and I only offered one instance, so I desire to confess that and be liable concerning it-- of facilities working with undocumented people? Mr. EB5 Regional Center Program. North.



This is a negative application." There is a quantity of bad applications out there, yet just as soon as that process gets prior to an administrative legislation court do we see a lot in the means of information. Now, there was one case that you stated, and allow me just specify on that a bit.

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Do not take as well get more info long due to the fact that I want to ask another couple questions. But go on and rapidly finish. Mr. North. The dairy farm had declared 17 employees, and they entered it, and the court located that 16 of them were illegals. Currently, that is the one example I have, and it is an example.

Okay. I am mosting likely to ask different inquiries of each of the 3 of you, but it deals with this one concern. As I claimed in my opening declaration, I am worried regarding the possible technicality that enables financiers to withdraw their investment in regional centers after receiving their permit.

Mr. Divine. I would certainly say that most of the capitalists, if you asked them what are their objectives, they would state, "I want to obtain a copyright, and I desire to keep it.

If I place my cash in a hotel growth-- Senator Grassley. Can I assume then that you are stating that there does not need to be any kind of modifications made in that respect? Mr. Divine. I do not assume so. Legislator Grassley. Okay. Let me ask Mr. Stenger, is it typical for an investor in your experience to withdraw his/her investment promptly after getting an environment-friendly card? Mr.

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Legislator, no. Our programs need that the capitalist be spent for a minimum of 5 years and be repaid just if business is in a position to do so at the end of that time. We have the advantage of the funding to create the organization, obtain it running, make it successful, ensure that the tasks will be developed and preserved, and then just if the company is effective will certainly there be an exit approach for the financier.

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