One million dollars of combined principal and interest was not paid back by the Middlesex County Improvement Authority. This amount was based off a $20 million dollar loan that was granted by the Casino Reinvestment Development Authority. In the last five years, the Improvement Authority has failed to pay back almost $7 million dollars. This loan was made by The Heldrich, a hotel in New Brunswick. In 2005. Chris Paladino, the attorney who handled the $20 million dollar loan for Heldrich stated the loan will be paid.
The Heldrich, the 235 room hotel is having a hard time drawing in guests. Johnson And Johnson is the hotels best account, it is their executives who are on the board of directors. The hotel is so badly in need of money, they have been using their own funds to pay for the most basic of expenses. There was originally $107 million for the original loan designed to build up the Heldrich. The Middlesex County Improvement Authority originally provided $70 million in bonds, these have not been repaid from the hotels profits.
The Atlantic County Improvement Authority is now planning to give $120 million in bonds for a Gateway endeavor. John Cantalupo says he is certain these bonds will not experience the same problems.
This original article was on the Press of Atlantic City. Please feel free to review it at http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html.
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