Information About Devco:
Devco is a company that specializes in the development of urban real estate. While it is a private company, it’s actually a non-profit organization. This sets them apart from many other organizations that work in real estate development. They have been responsible for the management of more than a billion dollars of real estate investments within the city the company is from, New Brunswick, New Jersey. There have been a very large number of different projects that the company has worked on, and they will continue to create new projects in the future.
Recap Of A Recent Press Of Atlantic City Article:
In fact, they loaned 20 million dollars from the Casino Reinvestment Development Authority. Unfortunately, this is far from the first time that The Middlesex County Authority has dropped the ball on borrowed money. Previously, the money that the company failed to pay back was loaned by Devco. Unfortunately, Devco still hasn’t received the money. Also, the same man is behind the source of both of these loans. Christopher Paladino, a lawyer, is in charge of both organizations. Luckily, the most recent loan that The Middlesex County Authority borrowed will ultimately paid back. It simply will not be paid back according to the initial schedule.
Therefore, despite the financial issues, Christopher Paladino does feel that the projects have been a positive thing for the community. The hotel that was constructed with the large, 20 million dollar loan employs a large number of people. It also brings in tourism, which brings revenue to the area. Furthermore, the region of the city that the hotel is located in has been revitalized by it’s construction. Also, the hotel itself pays real estate taxes, and this brings a sizable amount of money into the local economy.