Time has not been kind to Middlesex County Improvement Authority as it was unable to meet its financial obligations to Casino Reinvestment Development Authority. This is not the first time that the development authority has lagged behind in its financial payments. Casino Reinvestment Authority advanced $ 20 million loan to the authority to facilitate the construction of the Heldrich. The Heldrich, a New Brunswick hotel and conference is the brain child of a nonprofit organization known as the New Brunswick Development Corporation. the corporation popularly known as “DEVCO” has spearheaded development in Middlesex County. The corporation is headed by Christopher Paladino who also heads another corporation in Atlantic City called Atlantic City Development Corp. The later hopes to learn from the lessons learnt and gains made by the construction of the Heldrich.
The New Heldrich hotel attracted investors from various sectors of the economy. As per the agreements entered before investments some investors would be paid first. Holders of senior bolds totaling to a staggering $ 30 million have been paid. CRDA via its Executive Director John Palmieri has expressed its confidence in Devco and its ability to repay the amount owed. These sentiments were echoed by Christopher Paladino who stated that even though the economy was slow the hotel will be able to pay its debts. The Heldrich has employed several employees and has contributed to the improvement of the Middlesex County.
Devco is a planning and estate management corporation that was started to boost development in Atlantic’s City, Middlesex County. The corporation has developed the once undeveloped area into an urban trading hub that has seen increase in commerce and employment. Unlike other corporations of its size and mandate it did not filter funds nor did it engage in unnecessary bureaucracy. Instead it hired experience personnel who did not answer to anyone but the corporation and the people of Atlantic City.