The NorthJersey.com has released an article that deals with the unpaid debt that is bring attention to New Brunswick Devco. Millions of dollars of missed payments have been racked up. The loan has been made in 2005 under the allowance of The New Brunswick Development Corp. There is also a sister corp that is expecting to look after more than $200 million in financing from public and private entities. There is also plans for new CRDA money of the amount of $19.5 million. Both of the companies are under the leadership and management of Christopher Paladino. It is believed that it may take a couple of years to be able to pay off the loan.
Devco is a real estate urban development non-profit company that is privately owned. It has been established with the purpose of handling urban renewal projects. In the 1970s, the company was formed so that it could encourage and aid in the participation of city rejuvenation projects. It has helped improve the quality of cities and help the city be brought back into a better condition. Among the things Devco does is work with partnerships between public and private parties, as well as oversee investments for New Brunswick.