DEVCO is one of the most respected corporations in New Brunswick. However, its reputation as a trustworthy and financially responsible corporation could soon be a thing of the past if the allegations about $20 million unpaid loan from CDRA is true.
According to an article that appeared on Press of Atlantic City, the corporation did not pay the interests and principal amounting to $1 million. To make matters worse, the company is already in arrears for five years. People have begun asking a lot of questions as to whether Devco has the moral ground to be entrusted with the city’s mega projects.
The loan, which was applied 11 years ago, was meant to boost the construction of The Heldrich, a hotel located in New Brunswick. The project was widely applauded by politicians including the President of the Senate Stephen Sweeney. The loan was a fraction of the $107 million collected by the corporation to build the hotel. However, the hotel has been a big disappointment to the corporation since it was completed in 2007.
Devco is a non-profit organization tasked with ensuring New Brunswick is at par with current development standards required in a city. The company is behind over $1.6 billion worth of projects since it was started in the 1970s. Devco is well known for highly successful projects. Some of them include the New Stockton University City campus building, Middlesex County Family Courthouse and State Theatre Renovation.
The company prides itself in serving the community through a myriad of investments meant to accomplish certain goals. Its initiatives and development agendas are widely recognized in the country. Hence, it has been nominated for hundreds of awards. Under the leadership of Christopher Paladino, Devco continues to traverse the city’s developmental landscape with an aim to come up with a game-changing solution.