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And I have been honored to fulfill them and pleased to welcome them. Chairman Leahy. Also, as my last concern, in a few of the statement this early morning there has been a recommendation that, certainly, simply with all the numerous billions, trillions of dollars all set to invest, you must just go elsewhere.


Stenger. I would certainly tell you that in this climate the capability to elevate resources for things we are doing would have-- it is impossible to do so in a manner that would certainly enable us as successfully and as rapidly create things we have actually done. You can borrow money if you have actually got 50 percent down.


I could have borrowed half of that if I had the $12 million in money to set up. Everybody understands that, yes, banks have cash to car loan as long as you have got half of it in your pocket prior to you request for the various other half. That is not exactly how company works nowadays.

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Senator Grassley. Senator Grassley. I desire to confess that we just have unscientific details, yet I would certainly like to ask you to what degree you have to go or do go to make certain that the centers make sure that the investments do not develop jobs for individuals below illegally.


Mr. Stenger. Senator, I am a hands-on proprietor of a company, and I am on-property every day. We have actually employed-- as I said, at the Peak we had 550 building workers on our job. The marching orders that I provided to my team is that we are to employ neighborhood firms in almost every circumstances to do every one of the building and construction.


They are made up of 10, 15, 20, 30 employees. They are profiting directly from the investment. I know the workers, I know their family members, and we have been able to employ-- via these last 3 years of dreadful financial turmoil, we have actually been able to employ practically every building and construction worker in our region and the surrounding counties.

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homeowners. They reside in the area. Their households are there. They are spent in the areas, and they are all U.S. workers. Senator Grassley. You do not have to use e-verify, however I wish to know 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 study revealed examples other-- and I only provided one example, so I want to admit that and be accountable regarding it-- of facilities working with undocumented individuals? Mr. EB5 Regional Center Program. North.




This is a bad application." So there is an amount of negative applications around, however only as soon as that procedure obtains before an administrative regulation judge do we see a lot in the means of detail. Currently, there was one instance that you mentioned, and allow me just clarify on that particular a little.

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


Okay. I am mosting likely to ask separate concerns of each of the three of you, however it deals with this one issue. As I said in my opening statement, I am concerned about the potential loophole that permits investors to withdraw their financial investment in local centers after getting their copyright.


Divine, are you familiar with any type of circumstances in which an investor took out the financial investment and left promptly after obtaining a copyright? And if you are, or if you believe it is a problem, do you assume that it is a loophole that should be closed? Mr. Divine. I would certainly say that the majority of the investors, if you asked them what are their objectives, they would say, "I intend to get an eco-friendly card, and I intend to maintain it.


If I place my cash in a resort advancement-- Senator Grassley. Can I presume then that you are stating that there does not need to be any modifications made because regard? Mr. Divine. I do not assume so. Senator Grassley. Okay. Allow me ask Mr. Stenger, is it common for an investor in your experience to withdraw his or her financial investment instantly after receiving an eco-friendly card? Mr.

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Legislator, no. Our programs need that the financier be invested for a minimum of 5 years and be repaid only EB5 Regional Center Program if the business is in a setting to do so at the end of that time. We have the benefit of the resources to produce the business, get it running, make it effective, assure that the work will certainly be developed and kept, and then just if the service is successful will certainly there be an exit strategy for the financier.