DEVCO and the Revitalization of New Brunswick
In an article written on Press of Atlantic City, Reuben Kramer reports on the inability of the Middlesex County Improvement Authority to pay all of its debts. While Kramer begins the article by discussing that the Middlesex Improvement Authority has not paid on a specific $20 million loan it received from the Casino Reinvestment Development Authority, he goes on to state that the Authority has actually been operating in arrears for five years. Part of the reason for the inability to pay on the loan seems to be because the hotel associated with the Casino Reinvestment Development loan has not, as of yet, lived up to expectations. But the Middlesex County Improvement Authority is still optimistic that the hotel project will turn a profit and that the Middlesex County Improvement Authority will be able to pay its debts. The article in its entirety can be found at http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html.
This city of New Brunswick has been undergoing revitalization for some years, and the New Brunswick Development Corporation (DEVCO) has been at the forefront of that movement. Devco has received high praise and numerous awards from a variety of sources for its efforts in community redevelopment. The company’s leadership seems to understand how to maximize brain-power and man-power to come up with creative and unique ideas in its revitalization projects. Working in partnership with community organizations and local businesses, a feeling of unity among the business entities of New Brunswick has been established. In addition, DEVCO seems to understand how to bring a variety of people and business entities together to accomplish its goals. This unique attempt at creating partnerships among diverse populations has created partnerships that would not have formed on their own, and that also goes a long way in creating a sense of community needed for successful revitalization.