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And I have been honored to meet them and happy to welcome them. Chairman Leahy. As my last concern, in some of the testimony this early morning there has been a recommendation that, of program, just with all the hundreds of billions, trillions of dollars ready to invest, you should simply go somewhere else.


Stenger. I would tell you that in this environment the ability to elevate capital for the important things we are doing would have-- it is impossible to do so in a way that would certainly enable us as efficiently and as rapidly develop the things we have actually done. You can obtain money if you have actually obtained half down.


I could have borrowed half of that if I had the $12 million in cash to put up. Everybody recognizes that, yes, banks have cash to loan as long as you have actually got half of it in your pocket prior to you request the other half. That is not exactly how organization functions these days.

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You are talking from a real-world experience, not from a think container experience. I will certainly leave that merely as an unjustified remark from the Chairman. Senator Grassley. Legislator Grassley. Thank you. I wish to be accountable in this problem of undocumented workers. I intend to admit that we just have unscientific info, however I wish to ask you to what degree you need to go or do most likely to see to it that the centers ensure that the financial investments do not develop tasks for individuals here illegally.


Mr. Stenger. We have actually worked with-- as I claimed, at the Height we had 550 building employees on our project.


They are made up of 10, 15, 20, 30 workers. They are from our local areas. They are Vermonters. They are benefiting straight from the investment. So we are a hands-on facility. I understand the employees, I know their households, and we have actually had the ability to use-- through these last 3 years of horrible financial turmoil, we have actually been able to employ nearly every building worker in our area and the surrounding counties.

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


Mr. North, along the very same lines of the question I asked him, has your research shown instances other-- and I just provided one instance, so I want to confess that and be liable about it-- of facilities hiring 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 gets prior to a management law court do we see a lot in the method of information. Now, there was one case that you stated, and let me just clarify on that a little.

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Do not take too long because I intend to ask an additional couple inquiries. Go in advance and promptly coating. Mr. North. The dairy products farm had actually asserted 17 workers, and they entered it, and the judge located that 16 of them were illegals. Now, that is the one instance I have, and it is an example.


Okay. I am mosting likely to ask different questions of each of the three of you, yet it deals with this one concern. As I stated in my opening declaration, I am worried concerning the potential loophole that allows capitalists to withdraw their investment in local facilities after obtaining their permit.


Divine, are you knowledgeable about any kind of circumstances in which a financier took out the investment and left instantly after obtaining a permit? And click here if you are, or if you think it is a problem, do you believe that it is a loophole that should be shut? Mr. Divine. I would certainly claim that the majority of the financiers, if you asked what are their objectives, they would certainly claim, "I wish to get an environment-friendly card, and I want to maintain it.


If I put my cash in a hotel advancement-- Senator Grassley. Can I think 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 think so. Legislator Grassley. Okay. Let me ask Mr. Stenger, is it typical for an investor in your experience to withdraw his/her investment quickly after obtaining a permit? Mr.

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Senator, no. Our programs need that the investor be invested for a minimum of 5 years and be repaid just if the organization is in a position to do so at the end of that time. We have the benefit of the capital to create the organization, get it running, make it successful, guarantee that the work will certainly be developed and maintained, and then just if the organization is effective will there be an exit technique for the capitalist.