Redevelopment is a characteristic of many America’s great cities. These projects are aimed at providing transformations in the city to better suit the functions and activities carried in the city. These create more job opportunities to the public, restore the communities pride for their city, and provide new cultural shopping and recreation opportunities within the community among others.
In New Jersey’s Brunswick City these projects are overseen by the New Brunswick Development Corporation (DEVCO). This real estate development organisation was formed in the mid-1970s to initiate redevelopment projects and also serve as a path for both public and public investors in the city. Devco is guided by a set of principles that ensure its mandate is a carried out to the letter.
Over the years, Devco has had a positive effect on both the economy and growth of Brunswick City. The company has over 2.5 million square feet of redevelopment projects, all aimed at economic revitalization of Brunswick’s economy. The projects increase investment opportunities in the area. The company has been successful in addressing public policy challenges and also reclaiming a quality urban lifestyle.
Redevelopment projects require funding to be accomplished. The rise of various bodies that provide financial aid to bodies concerned with the redevelopment projects is a sigh of relief. Once funded, the organisation distributes the funds to its projects in progress or yet to be started. The funds provided have a repayment period and which should be met and with a varying or fixed amount of interest.
At press release in Atlantic City, New Brunswick organisation has been questioned over failure to pay a loan offered by the Casino Reinvestment Development Authority. Devco failed to pay $1 million interest of $20 million it had received from CRDA. This creates doubts and questions about the county development Authority