Last month, New Brunswick Development Corporation did not pay $1 million principal that it owes Reinvestment Development Authority. Additionally, it also did not pay interest on its $20 million loan owing the same casino. Note that the authority has been in arrears for five years, which brings the missed payments to a total of close to $7 million.
According to Press of Atlanta City, New Brunswick Development Corporation took the loan in 2005 for the construction of the Heldrich, which is a new conference center and hotel. The New Brunswick Development Corporation outfit is a replica of Atlanta City Development Corporation, a sister company. The two companies are consulting the lawyer who arranged for the $20 million loan. Christopher Paladino is the lawyer who arranged for the Heldrich loan.
The lawyer said that CRDA would get its payments, just that it will take some more time probably more years. The lawyer stated that he would be euphoric when the corporation clears its loan. CRDA’s executive director acknowledges that they take risky loans but reducing risks helps the projects to be feasible. Visit http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html for more information on the loan.
Devco (New Brunswick Development Corporation) is a development company that operates in Grande Prairie since 1996. It has experience in land development, property management, and construction. Its real estate division is responsible for managing all sales, negotiations, maintenance, and management of ongoing projects. Over the years, Devco has done over 50 important commercial, residential, and industrial projects such as West Side Plaza. Jeremy Walker is the president, and Kevin Walker is the project manager.
The company formulates European Union development policies with a bid to reduce poverty all over the world. It also ensures sustainable social, environmental, and social development and promotes democracy and good governance. Devco fosters coordination between its member states and the EU (European Union). It is a member of Canadian Commercial Council of Realtors, Urban Developers Institute of Alberta and Alberta Real Estate Association. Klaus Rusdischhauser is the deputy director general of devco since 1 March 2016.