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And I have been happy to satisfy them and pleased to welcome them. Chairman Leahy. Likewise, as my last inquiry, in some of the statement today there has actually been a suggestion that, certainly, simply with all the numerous billions, trillions of dollars all set to spend, you need to just go somewhere else.


Stenger. I would certainly inform you that in this climate the capability to increase capital for the important things we are doing would certainly have-- it is difficult to do so in a fashion that would permit us as properly and as quickly develop things we have done. You can obtain cash if you have obtained 50 percent down.


I might have obtained half of that if I had the $12 million in cash to put up. Everybody understands that, yes, banks have money to funding as long as you have got half of it in your pocket before you ask for the various other half. That is not exactly how organization works these days.

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You are talking from a real-world experience, not from a think storage tank experience. I will leave that just as a gratuitous comment from the Chairman. Senator Grassley. Legislator Grassley. Thank you. I want to be responsible in this concern of undocumented employees. I wish to confess that we just have unscientific info, yet I wish to ask you to what degree you need to go or do most likely to make sure that the facilities make certain that the investments do not develop jobs for people below illegally.


Mr. Stenger. We have employed-- as I said, at the Peak we had 550 building and construction employees on our task.


They are made up of 10, 15, 20, 30 staff members. They are benefiting directly from the financial investment. I know the employees, I recognize their families, and we have actually been able to utilize-- via these last 3 years of horrible economic turmoil, we have actually been able to utilize virtually every building and construction worker in our region and the surrounding regions.

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They are spent in the communities, and they are all United state employees. Senator Grassley. Mr. Stenger.


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




This is a bad application." So there is a quantity of negative applications available, however only once that procedure gets before an administrative legislation judge do we see a lot in the means of detail. Now, there was one instance that you stated, and allow me simply clarify on that particular a bit.

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Do not take also long due to the fact that I intend to ask another couple inquiries. Go in advance and rapidly coating. Mr. North. The dairy farm had claimed 17 employees, and they entered it, and the court discovered that 16 of them were illegals. Currently, that is the one instance I have, and it is a fine example.


Okay. I am mosting likely to ask separate questions of each of the 3 of you, yet it deals with this problem. As I claimed in my opening statement, I am worried concerning the prospective loophole that permits investors to withdraw their investment in regional facilities after receiving their permit.


Divine, are you aware of any circumstances read more in which an investor withdrew the investment and walked away promptly after receiving a permit? And if you are, or if you think it is an issue, do you believe that it is a loophole that should be closed? Mr. Divine. I would certainly claim that most of the capitalists, if you inquired what are their objectives, they would certainly claim, "I intend to get an environment-friendly card, and I wish to maintain it.


If I place my cash in a hotel growth-- Senator Grassley. Can I assume then that you are stating that there does not require to be any adjustments made in that respect? Mr. Divine. I do not believe so. Legislator Grassley. Okay. Let me ask Mr. Stenger, is it usual for a capitalist in your experience to withdraw his/her financial investment instantly after receiving an environment-friendly card? Mr.

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Legislator, no. Our programs require that the investor be invested for a minimum of 5 years and be repaid only if business remains in a placement to do so at the end of that time. We have the benefit of the resources to develop the service, obtain it running, make it effective, assure that the tasks will certainly be created and maintained, and then only if the business is successful will there be a departure strategy for the financier.