Recent CRDA Loan Uncovers Sad Truth Behind New Brunswick’s Development

New Brunswicks’s development, Devco has been touted as the pride New Jersey, pointing to it’s recent strides as the example by which all of The Garden State to follow. It doesn’t take a genius to point out that urban development across New England as a whole has been grinding down to a halt. New construction is virtually non-existent and maintenance of old infrastructure is practically a myth. The staggering amount of urban decay is unsettling and anyone who is living in the city can point to any number of dilapidated and abandoned structures you might find by simply wandering this collapsing maze.
Certain corporations and community organizations have taken advantage of this most prevalent of issues by finding older and poorly maintained infrastructure and renovating them for use toward their business. The ideal is simple, community leaders and politicians will support the rebuilding which will, in theory, bring increased commerce and business to the community while reducing signs of urban decay thereby increasing the value and safety of neighboring properties.

has accrued an debt of $20 million dollars from the Casino Reinvestment Development Authority. This came as a shock to some in the community, due to all the positive coverage of the development including words of encouragement from New Jersey Senate President Seeney as the most exemplary example of when public dollars are channeled through private firms to perform large-scale construction.

Whether the agency itself is to blame for irresponsible spending and expenditures, for being too ambitious in its undertakings on private or if it is the Governors policy passed in December which forced the agency to seek out private loans to begin with.

Regardless, while the reconstruction has thus far remained a beautiful sight to behold, it will be hard to imagine anyone will be happy until the project has managed to pay back all its debts. Read full report on pressofatlanticcity.com.

Sources:

http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html

http://www.mciauth.com/

http://www.devco.org/

http://www.njcrda.com/