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And I have actually been proud to satisfy them and honored to welcome them. Chairman Leahy. As my last concern, in some of the statement this early morning there has actually been a recommendation that, of program, simply with all the hundreds of billions, trillions of bucks ready to invest, you ought to simply go someplace else.

Stenger. I would certainly inform you that in this climate the ability to raise resources for things we are doing would have-- it is impossible to do so in a fashion that would certainly allow us as successfully and as swiftly create things we have actually done. You can borrow money if you have actually obtained 50 percent down.


I can have obtained half of that if I had the $12 million in cash to install. Everybody knows that, yes, financial institutions have cash to funding as long as you have actually got fifty percent of it in your pocket before you ask for the various other half. That is not just how organization functions these days.

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Legislator Grassley. Senator Grassley. I want to confess that we just have anecdotal information, however I would certainly such as to ask you to what extent you have to go or do go to make sure that the facilities make certain that the financial investments do not create jobs for people below unlawfully.


Mr. Stenger. Legislator, I am a hands-on proprietor of a business, and I am on-property each and every single day. We have worked with-- as I stated, at the Peak we had 550 construction workers on our task. The marching orders that I gave to my team is that we are to hire local companies in practically every instance to do all of the construction.


They are made up of 10, 15, 20, 30 workers. They are benefiting straight from the financial investment. I understand the workers, I recognize their family members, and we have actually been able to employ-- via these last 3 years of dreadful economic turmoil, we have actually been able to utilize almost every building and construction employee in our county and the bordering regions.

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


Mr. North, along the very same lines of the inquiry I asked him, has your study revealed instances various other-- and I only gave one example, so I want to admit that and be responsible about it-- of centers working with undocumented people? Mr. EB5 Regional Center Program. North.




This is a poor application." There is a quantity of bad applications out there, yet just when that process obtains before an get more info administrative legislation court do we see much in the way of detail. Now, there was one situation that you discussed, and let me simply clarify on that a little.

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Mr - EB5 Regional Center Program. North. The milk ranch had actually declared 17 workers, and they got right into it, and the judge found that 16 of them were illegals.


Okay. I am going to ask separate questions of each of the 3 of you, however it manages this one concern. As I said in my opening statement, I am worried regarding the prospective technicality that enables investors to withdraw their investment in local facilities after obtaining their environment-friendly card.


Mr. Divine. I would certainly state that most of the capitalists, if you asked them what are their objectives, they would claim, "I want to obtain an eco-friendly card, and I want to maintain it.

If I place my money in a hotel growth-- Legislator Grassley. Can I assume then that you are saying that there does not need to be any type of adjustments made in that regard? Mr. Divine. I do not believe so. Senator Grassley. Okay. Allow me ask Mr. Stenger, is it usual for an investor in your experience to withdraw his or her investment promptly after obtaining a permit? Mr.

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Senator, no. Our programs require that the investor be spent for a minimum of 5 years and be repaid only if the service remains in a position to do so at the end of that time. So we have the advantage of the funding to create the business, obtain it running, make it successful, guarantee that the jobs will be created and maintained, and after that just if business is successful will there be a leave approach for the financier.