The problems facing the Middlesex County Improvement Authority have been making news with the Press of Atlantic City as a loan repayment has been missed to repay funds sourced for the development of The Heldrich Hotel and Conference Center. The latest missed payment on the loan from the Casino Reinvestment Development Authority means Middlesex County is in arrears to the tune of around $7 million over the $20 million loan; the $20 million CRDA loan was part of a larger level of funds put together by the New Brunswick Development Corporation totaling more than $100 million.
The Devco has been in existence since the 1970s as the regeneration of the infrastructure of New Brunswick has been a matter of urgency for a number of decades. Under the leadership of Chris Paladino the Devco has been involved in the completion of a number of projects designed to assist the community of New Brunswick with raising their standard of living to higher levels. Schools have been among the major beneficiaries of funding put together by the DEVCO from both private and public sources found by the not for profit group.
The Heldrich had been held up as the high point of a partnership between public and private sector groups during its construction, but was finally opened at the height of the 2008 economic downturn to give the project a rocky start. Despite the problems The Heldrich has faced it has recently seen a rise in occupancy rates and repaid many of the senior bonds created for its construction; Christopher Paladino believes the recent missed loan repayments are a problem, but also a blip that the operators of The Heldrich will put right over time to complete all loan and bond repayments.