New Brunswick has continuously been making an effort to develop its city by building ultra-modern facilities while renovating outdated ones. This has been to boost revenue from the people moving and visiting the location. The Middlesex County Improvement Authority has been facilitating the development effort in New Brunswick. However, it has been experiencing problems regarding the payment of its loan from the Casino Reinvestment Development Authority.
The CRDA $20 Million Loan
The Improvement Authority obtained the $20 million loan through the facilitation of the New Brunswick Development Corporation in 2005.The aim of the loan was to help fund the development of The Heldrich, which is New Brunswick’s conference center and hotel constructed by DEVCO.
Mr. Christopher Paladino, who heads DEVCO, proclaimed that the $20 million loan would be paid eventually though it would require several years to finalize repayment. Maria Prato, the Improvement Authority Spokesperson, expressed hope in the repayment of the loan. She asserted that with continuous improvement in the economics of The Heldrich, it would be in a position to service its unsettled obligations. The original piece about Devco can be read from the Press of Atlantic City.
An In-depth Look at DEVCO
The New Brunswick Development Corporation (DEVCO) was established in the 1970’s as a private non-profit real estate development firm in a bid to boost the growth of the city by building newer or modern structures. In the past, DEVCO has gained the recognition and interest of the New York Times, which saw the company as a strong force for economic prosperity in New Brunswick. Its creative project financing structures, expertise in creating strategic alliances and strong public-private partnerships have aided the company to established award-winning multi-purpose projects.
A testament to its success, the New Brunswick Development Corporation has established an estimate of $1.6 billion in terms of investment in the city of New Brunswick. It has managed to withstand tough economic times, which have affected the nation by continuously keeping its redevelopment plans operational.