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And I have actually been happy to satisfy them and happy to invite them. Chairman Leahy. As my last concern, in some of the testament this morning there has been a recommendation that, of training course, just with all the hundreds of billions, trillions of bucks ready to spend, you need to just go somewhere else.


Stenger. I would tell you that in this environment the capability to raise capital for the points we are doing would have-- it is impossible to do so in a manner that would certainly enable us as efficiently and as quickly develop the important 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 money to put up. Every person recognizes that, yes, banks have cash to financing as long as you have obtained half of it in your pocket prior to you ask for the other half. That is not just how company functions nowadays.

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Senator Grassley. Legislator Grassley. I desire to confess that we only have unscientific info, yet I would certainly like to ask you to what degree you have to go or do go to make sure that the facilities make certain that the investments do not develop jobs for people right here illegally.


Mr. Stenger. Legislator, I am a hands-on owner of a service, and I am on-property every day. We have actually hired-- as I said, at the Top we had 550 building employees on our project. The marching orders that I provided to my group is that we are to hire local firms in almost every instance to do all of the construction.


They are made up of 10, 15, 20, 30 employees. They are benefiting directly from the investment. I know the workers, I understand their households, and we have been able to use-- with these last 3 years of horrible economic chaos, we have you could check here been able to employ almost every building and construction employee in our county and the bordering areas.

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They are invested in the neighborhoods, and they are all United state workers. Legislator Grassley. Mr. Stenger.


Mr. North, along the exact same lines of the question I asked him, has your study shown examples other-- and I only offered one example, so I want to confess that and be accountable regarding it-- of facilities working with undocumented individuals? Mr. EB5 Regional Center Program. North.




This is a poor application." So there is an amount of poor applications available, however only as soon as that process obtains prior to an administrative law court do we see a lot in the way of detail. Now, there was one instance that you stated, and allow me just specify on that a little bit.

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Do not take also long because I wish to ask one more couple concerns. Go ahead and quickly coating. Mr. North. The dairy farm had actually claimed 17 employees, and they entered into it, and the judge found that 16 of them were illegals. Now, that is the one example I have, and it is a great example.


Okay. I am mosting likely to ask separate concerns of each of the 3 of you, however it handles this issue. As I claimed in my opening declaration, I am worried about the prospective loophole that allows capitalists to withdraw their investment in regional centers after obtaining their permit.


Mr. Divine. I would say that many of look what i found the investors, if you asked them what are their objectives, they would say, "I want to dig this obtain an eco-friendly card, and I want to keep it.


If I put my money in a resort growth-- Legislator Grassley. Can I presume then that you are saying that there does not need to be any changes made in that respect? Mr. Divine. I do not think 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 getting an environment-friendly card? Mr.

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Legislator, no. Our programs require that the financier 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. So we have the benefit of the capital to create business, obtain it running, make it successful, assure that the jobs will be developed and preserved, and after that just if business succeeds will there be a leave method for the financier.