WEBVTT - Don Peebles' Plan to Build NYC's Only Black-Owned Skyscraper, the Largest in America

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<v Speaker 3>First, I want to talk to you about real estate, obviously,

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<v Speaker 3>because that's you know, you always get your bread and butter.

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<v Speaker 3>I would like to get an update, if we can,

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<v Speaker 3>on the project that you've been working. I know it's

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<v Speaker 3>been a long time coming with this New York skyscraper situation.

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<v Speaker 3>Right we met you three years ago and you were

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<v Speaker 3>talking about it, and I saw you in the breakfast

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<v Speaker 3>club and you was talking about it recently. So what

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<v Speaker 3>is the I just want to know, like, what is

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<v Speaker 3>the hold up on this? Is it on the funding side,

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<v Speaker 3>or is it on the political side. Is it tenants?

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<v Speaker 3>Is it residential neighborhood issue? Like, what's the what's the

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<v Speaker 3>roadblock that has been holding up Aspiration Tower? And that's

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<v Speaker 3>going to be the largest, if built, the largest building

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<v Speaker 3>in the Western Hemisphere, I believe, So, yeah, what's the

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<v Speaker 3>hold up right now?

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<v Speaker 4>Yeah, it'll be the tallest building in the Western Hemisphere.

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<v Speaker 4>It'll be the first major development, I mean well, first

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<v Speaker 4>skyscraper in the United States, and first skyscraper and then

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<v Speaker 4>in New York City to be built by black developers

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<v Speaker 4>and a black contractor. The hold up is not money.

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<v Speaker 4>When we submitted our proposal, we submitted proof of financing.

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<v Speaker 4>So it's all political. It's the Governor of New York

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<v Speaker 4>making a decision that this is something that they want

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<v Speaker 4>to go forward with. It was a competitive process. We've

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<v Speaker 4>responded to that competitive process. This is a second time

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<v Speaker 4>around for it. The first time around, Andrew Como was

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<v Speaker 4>governor and we were close to they were close to

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<v Speaker 4>making a decision. He ended up leaving office. Governor Hoko

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<v Speaker 4>came in and assumed the role as governor and as

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<v Speaker 4>a result of that, she went through and they canceled

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<v Speaker 4>the process and redid it. We resubmitted to that and

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<v Speaker 4>we are waiting for the State of New York and

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<v Speaker 4>the Governor's office to make a decision on the selection

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<v Speaker 4>of the developer for that project.

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<v Speaker 1>So when you're taken on a project of that mapping two,

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<v Speaker 1>obviously this is this is this is a big project.

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<v Speaker 1>You still have things going on throughout the cities. How

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<v Speaker 1>are we delegate in the task? Right? We build an

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<v Speaker 1>the team around it. How we double it because it's

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<v Speaker 1>not like you're waiting on this and you stop and

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<v Speaker 1>obviously this is a whole, but the process doesn't stop.

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<v Speaker 1>You're still looking for opportunities to out. So what is

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<v Speaker 1>that process like for you guys?

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<v Speaker 4>Well, look, we've got we're very active developer, pretty robust.

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<v Speaker 4>We've got projects in Boston, we got projects and other

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<v Speaker 4>projects in New York City, Charlotte, North Carolina. We've got

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<v Speaker 4>Phase one of our Brooklyn Village development, which is in

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<v Speaker 4>Uptown in the Business District, and we are just finishing

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<v Speaker 4>up site work there and look forward to starting to

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<v Speaker 4>build the first building there, which will be a residential development,

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<v Speaker 4>high rise development there. And then we've got projects in Roley, Durham, Nashville, Tennessee, Atlanta, Georgia,

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<v Speaker 4>and then of course Miami and uh and so we're

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<v Speaker 4>doing those projects, working on those projects while we continue

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<v Speaker 4>to make a decision to get wait for the state

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<v Speaker 4>to make a decision. And we've a assembled our team.

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<v Speaker 4>I mean, we've got the design team, the contractors, and

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<v Speaker 4>the key members of the team to go and execute.

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<v Speaker 4>But what would happen is if the governor and the

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<v Speaker 4>State of New York ended up selecting us to develop

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<v Speaker 4>on that site, then we would go through the pre

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<v Speaker 4>development work of getting you know, building you know, permits

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<v Speaker 4>and constructions drawings done and that's going to take us

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<v Speaker 4>about a year and a half to do, and then

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<v Speaker 4>we'd start construction and the building would take us about

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<v Speaker 4>four years to build, maybe a little bit longer, and

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<v Speaker 4>it would be the tallest building in the Western hemisphere.

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<v Speaker 1>That's a quick pot. Is there a timeline on a

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<v Speaker 1>decision that that she like has to make it in?

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<v Speaker 1>How does that work?

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<v Speaker 4>Well, they have a process with deadlines. All of those

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<v Speaker 4>have come and gone and we've met those, but they

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<v Speaker 4>don't have a process for making a decision. They had

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<v Speaker 4>an estimated time to make the decision and they have

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<v Speaker 4>passed that time period. And so we're waiting to see

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<v Speaker 4>what the state is going to do in terms of,

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<v Speaker 4>you know, making a decision on the selection process.

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<v Speaker 5>I'm a two parter for you. Number one, what can

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<v Speaker 5>we do as an audience to help push this project

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<v Speaker 5>to the finish line? And number two, but you're managing

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<v Speaker 5>a portfolio so big, like, how are you assessing risk

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<v Speaker 5>and what are you doing to mitigate risk from any

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<v Speaker 5>potential losses from anything that you have in your current portfolio?

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<v Speaker 4>Well, I mean, one of the strategies for us is

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<v Speaker 4>that we really we focus very heavily on the public

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<v Speaker 4>profit space. And so what that means is that we're

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<v Speaker 4>acquiring properties from states governments and city governments around the country,

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<v Speaker 4>and we don't take down the land and tell us

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<v Speaker 4>time to commence construction. And so what that means is

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<v Speaker 4>that we com mitigate a lot of our risk in

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<v Speaker 4>terms of owning the land and so forth, because we

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<v Speaker 4>don't pay for it and tell it's time to commence construction.

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<v Speaker 4>And so that's really how we mitigate our risks. So

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<v Speaker 4>we're only going forward when you know, to start construction

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<v Speaker 4>when the economic environments are correct, and so we're i

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<v Speaker 4>mean Charlotte's a very strong market, you know, interest rates

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<v Speaker 4>and making it a little tougher than it would have

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<v Speaker 4>been before. We love Atlanta, great market there, strong market,

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<v Speaker 4>strong mayor there who's doing a good job. So, you know,

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<v Speaker 4>cities like that. I mean New York is a bit

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<v Speaker 4>more challenging in some spaces, but you know, new construction,

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<v Speaker 4>you know, is pretty attractive right now. So I mean,

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<v Speaker 4>so we look at based on what the opportunities are,

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<v Speaker 4>but we mitigate risk by not starting construction on projects

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<v Speaker 4>until all the things are lined up financially, and we

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<v Speaker 4>don't we normally don't own the land until we're ready

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<v Speaker 4>to start construction, So that helps us mitigate our risk.

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<v Speaker 3>And what was the second part of our question and

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<v Speaker 3>how can we help?

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<v Speaker 5>Yeah, anything that we can do in terms of us

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<v Speaker 5>collaborating with our audience help push this for because I mean,

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<v Speaker 5>this should have been completed already. So is there anything

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<v Speaker 5>we can do to help you?

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<v Speaker 4>Yeah, I mean one of the things that can be

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<v Speaker 4>done is that you all can and people who are

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<v Speaker 4>supportive of what we're doing, they can, you know, make

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<v Speaker 4>it a point to reach out to the state, the state,

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<v Speaker 4>the governor and their assembly members and the you know, Senator,

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<v Speaker 4>state Senators, the President of the Senate and Andrew Stuart Cousins,

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<v Speaker 4>the Speaker Carl Castey, and then the Governor and irony

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<v Speaker 4>the irony is is that both leaders of the Senate

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<v Speaker 4>and the State Assembly are black, so they should be

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<v Speaker 4>pressing this agenda forward as well. And then also Eric Adams,

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<v Speaker 4>who's been very supportive, to continue to encourage him to

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<v Speaker 4>you know, aggressively advocate for this project. One of the

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<v Speaker 4>things that we're also doing is Reverend sharp And has

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<v Speaker 4>been trying to build a civil rights museum in New

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<v Speaker 4>York City to showcase those who have contributed to the

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<v Speaker 4>civil rights movement throughout our country's history, especially during the

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<v Speaker 4>nineteen fifties, nineteen sixties and beyond, and has not been

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<v Speaker 4>able to find a home. So we are building a

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<v Speaker 4>fifty million dollars you know, museum for him at the

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<v Speaker 4>ground level and the first few levels of affirmation Tower

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<v Speaker 4>for the civil rights museum to be there. We think

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<v Speaker 4>the symbolism behind that is incredibly important. We should build

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<v Speaker 4>our own civil rights museum, and so we're doing that

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<v Speaker 4>and spending our money to do that. So supporting Reverend

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<v Speaker 4>Sharpton and encouraging Reverend Sharpton to push hard. I mean,

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<v Speaker 4>this is a you know, if we want to as

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<v Speaker 4>the old saying is, if you want to go fast,

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<v Speaker 4>go alone, you want to go far, go together. We

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<v Speaker 4>need to do this together. It's amazing to me that

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<v Speaker 4>in all of New York City's history there's not one skyscraper,

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<v Speaker 4>not one built by a black developer, owned by black owners,

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<v Speaker 4>built by a black construction company, or designed by a

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<v Speaker 4>black architect. I mean, that is incredible when you think

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<v Speaker 4>about that in this point in time, and that's where

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<v Speaker 4>we really need to be pressing hard is on economic conclusion.

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<v Speaker 4>Which is why I admire what you all doing, which

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<v Speaker 4>is pressing forward an economic attenda, teaching our community to

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<v Speaker 4>be financially literate, teaching our community about entrepreneurship, supporting and

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<v Speaker 4>encouraging entrepreneurship. This is an example of entrepreneurship. And it's

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<v Speaker 4>a three billion dollar project and a billion plus of

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<v Speaker 4>that is going to go to black owned businesses. So

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<v Speaker 4>there's a lot of economic opportunity for everybody. And so

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<v Speaker 4>we just got to press hard on this issue with

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<v Speaker 4>regards to economic inclusion. And it's the politicians that are

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<v Speaker 4>going to make this decision.

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<v Speaker 6>An illegal alien from Guatemala charged with raping a child

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<v Speaker 6>in Massachusetts. An MS thirteen gang member from El Salvador

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<v Speaker 6>accused of murdering a Texas man of Venezuelan charged with

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<v Speaker 6>filming and selling child pornography in Michigan. These are just

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<v Speaker 6>some of the heinous migrant criminals caught because of President

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<v Speaker 6>Donald J. Trump's leadership. I'm Christine Nohm, the United States

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<v Speaker 6>Secretary of Homeland Security. Under President Trump, attempted illegal border

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<v Speaker 6>crossing are at the lowest levels ever recorded, and over

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<v Speaker 6>one hundred thousand illegal aliens have been arrested. If you

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<v Speaker 6>are here illegally, your next you will be fine nearly

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<v Speaker 6>one thousand dollars a day, imprisoned and deported, you will

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<v Speaker 6>never return. But if you register using our CBP home

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<v Speaker 6>app and leave now, you could be allowed to return legally.

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<v Speaker 6>Do what's right. Leave now. Under President Trump, America's laws,

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<v Speaker 6>border and families will be protected. Sponsored by the United

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<v Speaker 6>States Department of Homeland Security,