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And I have been honored to satisfy them and honored to welcome them. Chairman Leahy. As my last inquiry, in some of the testimony this morning there has actually been an idea that, of training course, simply with all the hundreds of billions, trillions of dollars prepared to spend, you should just go someplace else.

Stenger. I would tell you that in this climate the ability to increase capital for the important things we are doing would certainly have-- it is difficult to do so in a fashion that would certainly enable us as efficiently and as quickly produce the important things we have actually done. You can borrow cash if you have got 50 percent down.

I can have borrowed half of that if I had the $12 million in cash to put up. Every person understands that, yes, banks have money to funding as long as you have obtained fifty percent of it in your pocket before you ask for the various other half. That is not how organization functions these days.

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You are speaking from a real-world experience, not from a think container experience. I will certainly leave that simply as an unjustified remark from the Chairman. Senator Grassley. Legislator Grassley. Thank you. I want to be responsible in this problem of undocumented employees. I intend to confess that we just have anecdotal information, yet I would love to ask you to what degree you need to go or do go to see to it that the facilities make certain that the financial investments do not produce work for individuals here illegally.

Mr. Stenger. We have actually employed-- as I stated, at the Height we had 550 building workers on our job.

They are made up of 10, 15, 20, 30 workers. They are benefiting straight from the investment. I recognize the employees, I know their family members, and we have actually been able to utilize-- via these last 3 years of terrible financial turmoil, we have actually been able to use nearly every building worker in our area and the bordering regions.

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

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



This is a bad application." So there is a quantity of negative applications around, however only once that procedure obtains before an administrative law court do we see a lot in the means of information. Now, there was one situation that you discussed, and allow me simply elaborate on that particular a little.

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

Okay. I am mosting likely to ask different inquiries of each of the three of you, however it takes care of this problem. As I stated in my opening statement, I am concerned concerning the potential technicality that permits financiers to withdraw their investment in regional centers after obtaining their environment-friendly card.

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

If I put my money in a hotel development-- Senator Grassley. Can I presume then that you are stating that there my company does not need to be any kind of changes made in that regard? Mr. Divine. I do not assume so. Legislator Grassley. Okay. Allow me ask Mr. Stenger, is it common for a financier in your experience to withdraw his or her financial investment instantly after getting a permit? Mr.

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Senator, no. Our programs need that the capitalist be spent for a minimum of 5 years and be repaid only if business remains in a setting to do so at the end of that time. We have the advantage of the funding to produce the company, obtain it running, make it effective, assure that the work will certainly be produced and kept, and after that just if the service is successful will certainly there be a departure strategy for the capitalist.

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