The economic situation in New Jersey is a cause for concern for people from around the state and the U.S. as a whole as private and public funding is sought by groups including the New Brunswick Development Corporation in New Jersey. Alongside its sister company in Atlantic City the DEVCO works on a not for profit basis to find a range of funding options for projects in New Brunswick and Atlantic City.
One project that was designed to highlight the impressive nature of combining private and public funding options was the 2007 opening of The Heldrich hotel and casino, which was created in part with a $20 million loan from the Casino Reinvestment Development Authority. Repayments on this loan by the Middlesex County Improvement Authority have now been missed for the last five years with a total of $7 million now outstanding on the loan. At the time of opening The Heldrich was held up as a signpost of how private and public agencies could work together to assist in the redevelopment of New Jersey by New Jersey Senate President Stephen Sweeney, according to the Press of Atlantic City.
New Brunswick Devco is headed by Christopher Paladino who points to the repayment of senior bonds taken out in The Heldrich with around five percent interest paid on these senior bonds as a sign of confidence in the future of the development. After opening at the height of the 2008 economic crisis The Heldrich is now seeing rising occupancy rates that include a growing number of clients from the Johnson & Johnson group.
The New Brunswick Devco has been developing funding strategies for the Atlantic City Gateway project that will stitch together private and public financing options, much as it has done for arts, education, and commercial projects in its capacity as a non profit group.