Browse Category: Loan Crisis

Middlesex County Improvement Authority Misses Payment

Recently, it was announced that the Middlesex County Improvement Authority missed a $1 million payment on its $20 million loan. This loan was furnished by the Casino Reinvestment Development Authority for the construction of the Heldrich building. This building went up in 2005 and is a valuable location in the New Brunswick area. The Heldrich building serves as a hotel but also hosts many high profile conferences and events throughout the year. The missed payment represents a concerning trend over the past 5 years that has led to over $7 million total in missed payments. If this pattern continues, many citizens worry that the growing amount owed will start to impact the essential construction and emergency services that keep the city safe. Attorney Chris Paladino assured the concerned citizens that the loan will be repaid in full but that it will take “a couple years.”

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