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And I have been pleased to satisfy them and happy to invite them. Chairman Leahy. As my last concern, in some of the statement this early morning there has been a suggestion that, of course, simply with all the hundreds of billions, trillions of bucks ready to spend, you must simply go somewhere else.


Stenger. I would inform you that in this climate the ability to increase funding for the important things we are doing would have-- it is impossible to do so in a manner that would permit us as properly and as rapidly create things we have actually done. You can borrow money if you have obtained half down.


I could have borrowed fifty percent of that if I had the $12 million in cash to set up. Every person knows that, yes, banks have cash to finance as long as you have got half of it in your pocket prior to you request the other fifty percent. That is not how business functions these days.

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You are speaking from a real-world experience, not from a brain trust experience. I will certainly leave that merely as a gratuitous remark from the Chairman. Legislator Grassley. Senator Grassley. Thanks. I intend to be accountable in this issue of undocumented employees. I wish to confess that we just have unscientific details, yet I would like to ask you to what degree you have to go or do go to see to it that the facilities make certain that the investments do not create work for individuals right here illegally.


Mr. Stenger. Legislator, I am a hands-on owner of an organization, and I am on-property every day. We have actually worked with-- as I said, at the Top we had 550 building employees on our project. The marching orders that I provided to my team is that we are to work with local companies in practically every instance to do all of the building and construction.


They are composed of 10, 15, 20, 30 employees. They are from our regional regions. They are Vermonters. They are profiting straight from the investment. So we are a hands-on facility. I know the employees, I recognize their households, and we have had the ability to use-- through these last 3 years of horrible financial chaos, we have actually been able to use nearly every construction worker in our area and the bordering counties.

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


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




This is a poor application." So there is an amount of negative applications out there, however just as soon as that process gets before an administrative legislation judge do we see much in the method of detail. Now, there was one instance that you discussed, and let me just elaborate on that a little bit.

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


Okay. I am going to ask different concerns of each of the three of you, however it manages this issue. As I said in my opening declaration, I am concerned about the potential technicality that allows investors to withdraw their financial investment in local centers after getting their permit.


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


If I place my money in a resort development-- Legislator Grassley. Can I assume then that you are claiming that there does not require to be any changes made in that respect? Mr. Divine. I do not assume so. Legislator Grassley. Okay. Let me ask Mr. Stenger, is it common for an investor in your experience to withdraw his/her investment right away after obtaining a permit? Mr.

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Legislator, no. Our programs require that the capitalist be invested for a minimum of 5 years and be paid back only if business remains in a placement to do so at the end of that time. We have the benefit of the funding to create the business, obtain it running, make it effective, ensure that the jobs will be developed and kept, and after that just if the service is successful will certainly there be a departure technique for the capitalist.