Unpaid Loan

Lack of Payment Makes DEVCO Suspect

Unpaid Loan
Atlantic City, New Jersey has seen better days. It once was a great vacation destination for thousands of people, offering exciting gambling and luxurious getaways. Over the past 15 years harder times have hit the area but groups like New Brunswick Development Corporation (DEVCO) have tried to offer solutions. DEVCO has been held up as an example for others to follow in the rejuvenation of the Atlantic City economy. Yet questions have been produced about the honesty and validity of the organization. According to the Press of Atlantic City, its initial loans were made in 2005 the Heldrich, a hotel and conference center, has performed anemically as Casino Reinvestment and Development Authority wait to receive a return on the $20 million loan. The Devco plan began in 2005 when they borr...