The Pros And Cons Of DEVCO

A recent article on the Press of Atlantic City website, pointed out that the long acclaimed and respected DEVCO may be embroiled in a mire of controversy the likes of which the area has never seen. The whole thing started in 2005 when the Middelsex County Improvement Authority undertook a loan of $20 million to build the The Heldrich, a New Brunswick hotel and conference center developed by a nonprofit called the New Brunswick Development Corp. The project was at that time cheered by all and was thought to be yet another feather in the hat of the successful efforts of DEVCO to re-develop the urban sector of the greater New Brunswick area. The loan was issued by the Casino Reinvestment Development Authority.

The project was completed, but with the worst possible timing. The 235 room hotel and conference center opened in 2007 right when the worst of the economic downturn was starting to affect Americans everywhere. The loan was paid on time for the first few years with a bit of difficulty, but starting in 2011, payments began to be missed culminating in the most recent controversy associated with the CDRA loan and the project as a whole, a missed 1 million dollar payment of principle and interest for 2016. This is on top of the fact that the Middlesex County Improvement Authority has been in arrears for
The organization claims, to administer is programs based on sound public policy. DEVCO was founded in the mid 1970's as a private non-profit intended to serve the needs of the greater New Brunswick community to assist in urban redevelopment and renewal. The concept that drives the organization is that a city never finished. DEVCO has been regarded as a powerful engine for economic growth by the New York Times, and indeed has been a very significant factor in the assistance of the city of New Brunswick to enjoying a renaissance of development and growth in the past 20