A $20 Million Loan Goes Unpaid

An article recently released on Press of Atlantic City talks about the unpaid loan of $20 million that Middlesex County Improvement Authority is still carrying. The previous month was met with failure of paying $1 million and interest to the Casino Reinvestment Development Company. There is already almost $7 million in failed payments. The loan has been up for more than 10 years at this point in relation to a development by New Brunswick Development Company, or DEVCO, a non-profit company.

Devco was founded in the mid-70s as an urban development real estate company. It was created in order to bring forth the revitalization of the city. IT was also recognized as powerful for economic growth by the New York Times. Devco according to pressofatlanticcity.com, has been responsible for the renewed interest in new developments in the city. Devco is especially good at putting together alliances in order to bring about projects that increase the value of the city. Devco has been responsible for many diverse award winning projects. It also keeps the redevelopment of the city lively no matter how harsh conditions are. One good thing to say for Devco is that there is always a project being opened up and worked on because of the company’s involvement.