A recent article on Devco, published at the Press of Atlantic City, presented readers with the problem of unpaid loans. These unpaid loans have brought into question the viability and effectiveness of Devco to complete the project that it has taken on and the company’s ability to fully repay the loan. State laws were even put in place by Governor Chris Christy “barring state agencies from giving loans, grants and other subsidies to businesses, including nonprofits, that have defaulted on state-issued loans and bonds” (Kramer). As the project continues the company is hopeful that this will become a “money-earner” and will reach their goal. Financial arrangements have been made to complete said project according to the article that 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
Devco is a non-profit organization that thrives on redeveloping cities in order to create new opportunities. The company on northjersey.com was founded in the 1970’s and continues to find new ways to grow current urban cities. The company is based out of New Jersey. New Brunswick Devco has won many awards including: 2008 and 2012 Smart Growth Award, 2007 ULI Northern NJ Chapter – Project of the Year, 2005 Design Concepts award and many more. Apart from its many prestigious awards, Devco has also made the news with headlines such as “Urban Legends”, which highlighted two very important employees. Devco has had the opportunity on pressofatlanticcity in not only creating large buildings, but small ones as well including grocery stores.