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And I have actually been proud to meet them and pleased to invite them. Chairman Leahy. Also, as my last concern, in several of the testimony this morning there has actually been an idea that, obviously, simply with all the numerous billions, trillions of dollars prepared to invest, you should just go somewhere else.


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


I could have obtained half of that if I had the $12 million in money to put up. Everybody recognizes that, yes, banks have cash to loan as long as you have actually obtained half of it in your pocket before you request for the other fifty percent. That is not exactly how service functions these days.

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You are speaking from a real-world experience, not from a brain trust experience. I will certainly leave that merely as an unjustified comment from the Chairman. Legislator Grassley. Legislator Grassley. Thank you. I want to be accountable in this issue of undocumented workers. I wish to admit that we just have anecdotal information, however I would love to ask you to what level you have to go or do go to ensure that the facilities see to it that the financial investments do not develop jobs for individuals right here illegally.


Mr. Stenger. We have hired-- as I stated, at the Top we had 550 building and construction workers on our project.


They are made up of 10, 15, 20, 30 staff members. They are profiting directly resource from the investment. I recognize the employees, I understand their households, and we have been able to use-- with these last 3 years of terrible financial turmoil, we have been able to employ almost every building and construction worker in our county and the surrounding areas.

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


Mr. North, along the same lines of the concern I asked pop over to this web-site him, has your research study revealed instances various other-- and I just provided one example, so I want to admit that and be liable about it-- of centers employing undocumented people? Mr. EB5 Regional Center Program. North.




This is a poor application." There is an amount of poor applications out there, but just when that process gets before a management regulation court do we see much in the means of information. Now, there was one case that you mentioned, and let me just specify on that particular a bit.

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


Okay. I am going to ask separate concerns of each of the three of you, however it takes care of this problem. As I said in my opening statement, I am worried concerning the possible technicality that allows financiers to withdraw their visit the website investment in regional centers after receiving their copyright.


Mr. Divine. I would say that many of the investors, if you asked them what are their objectives, they would certainly say, "I desire to get a copyright, and I desire to keep it.


If I place my cash in a hotel advancement-- Legislator Grassley. Can I presume then that you are claiming that there does not need to be any kind of changes made because regard? Mr. Divine. I do not believe so. Legislator Grassley. Okay. Allow me ask Mr. Stenger, is it usual for a financier in your experience to withdraw his/her financial investment promptly after obtaining a permit? Mr.

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Senator, no. Our programs call for that the capitalist be spent for a minimum of 5 years and be repaid just if business remains in a position to do so at the end of that time. So we have the benefit of the capital to create business, get it running, make it successful, ensure that the work will certainly be produced and preserved, and then just if the company achieves success will certainly there be a departure approach for the capitalist.