Category Archives: Unpaid Loan

Devco and the Atlantic City

The New Brunswick Development Corporation (Devco) is in question if it is the new model to save the Atlantic City. State Senate President Stephen Sweeney is involved and proving what can be done when our public uses their money to fund through private firms. He believes this will rid the area of having a construction site on a large scale. The New Brunswick is in a fact seen as a new model for the Atlantic City Development Corporation and a firm joined in expects to see more than $200 million in financing for both the public and private people of Atlantic City. These corporations are headed by attorney Christopher Paladino. He arranged a $20 million Heldrich loan which will head off the project. The 235-room Heldrich was opened in 2007. This took place during the exonomic downturn which has struggled to continue to attract guests. 63.5 percent was the rate of the occupancy with Johnson and Johnson as the leading and largest account. They are also the executives that sit on the Devco board of directors. They have decided to stay optimistic and in hope that as the economics of the project continue to improve with a good path and with the economy. In hopeĀ  according to Press of Atlantic City that the project will satisfy its outstanding obligations to the Atlantic City.

http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html