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And I have actually been pleased to satisfy them and honored to welcome them. Chairman Leahy. As my last question, in some of the testimony this early morning there has been a recommendation that, of training course, simply with all the hundreds of billions, trillions of bucks prepared to spend, you must just go somewhere else.


Stenger. I would tell you that in this environment the ability to raise capital for the important things we are doing would have-- it is impossible to do so in a way that would certainly permit us as properly and as rapidly create the things we have done. You can borrow cash if you have got half down.


I can have obtained half of that if I had the $12 million in cash to put up. Everybody understands that, yes, financial institutions have cash to funding as long as you have got half of it in your pocket prior to you ask for the various other fifty percent. That is not how business functions nowadays.

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You are speaking from a real-world experience, not from a think container experience. I will certainly leave that just as an unjustified remark from the Chairman. Legislator Grassley. Legislator Grassley. Thanks. I wish to be responsible in this concern of undocumented employees. I intend to admit that we only have anecdotal details, however I would certainly like to ask you to what level you have to go or do most likely to ensure that the centers make certain that the financial investments do not develop jobs for people right here unlawfully.


Mr. Stenger. Legislator, I am a hands-on proprietor of a service, and I am on-property every day. We have actually hired-- as I stated, at the Top we had 550 building and construction workers on our job. The marching orders that I provided to my team is that we are to work with neighborhood firms in practically every circumstances to do all of the building and construction.


They are made up of 10, 15, 20, 30 staff members. They are profiting directly from the investment. I know the workers, I recognize their households, and we have actually been able to utilize-- with these last 3 years of awful economic chaos, we have actually been able to utilize virtually every building and construction worker in our county and the bordering areas.

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citizens. They live in the location. Their family members are there. They are bought the communities, and they are all U.S. workers. Senator Grassley. You do not need to use e-verify, however I want to understand whether you do. Mr. Stenger. We do. Senator Grassley. You do.


Mr. North, along the very same lines of the concern I asked him, has your research study revealed examples other-- and I only gave one example, so I desire to confess that and be liable concerning it-- of centers hiring undocumented individuals? Mr. EB5 Regional Center Program. North.




This is a negative application." So there is an amount of poor applications out there, but just when that process obtains prior to an administrative law court do we see a lot in the way of information. Now, there was one instance that you mentioned, read more and allow me simply specify on that a little bit.

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Mr - EB5 Regional Center Program. North. The dairy products farm had declared 17 employees, and they obtained right into it, and the court found that 16 of them were illegals.


Okay. I am going to ask different concerns of each of the 3 of you, yet it manages this set issue. As I said in my opening statement, I am concerned regarding the possible loophole that permits investors to withdraw their investment in local facilities after getting their permit.


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


If I put my money in a resort growth-- Legislator Grassley. Can I assume then that you are saying that there does not need to be any type of adjustments made because regard? Mr. Divine. I do not think so. Legislator Grassley. Okay. Let me ask Mr. Stenger, is it common for a financier in your experience to withdraw his or her investment promptly after obtaining a permit? Mr.

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Legislator, no. Our programs need that the investor be invested for a minimum of 5 years and be repaid only if the company is in a placement to do so at the end of that time. So we have the advantage of the funding to create business, obtain it running, make it effective, assure that the work will certainly be produced and maintained, and after that only if business achieves success will certainly there be a departure strategy for the capitalist.