DEVCO Has Issues With Hotel Built in 2007

Just a month ago, the Middlesex County Improvement Authority was not able to pay a $1 million principal payment on a $20 million total it got from the Casino Reinvestment Development Authority. Over the course of five years, The Improvement Authority has totaled $7 million in payments that it missed. The loan was used to develop a new hotel and conference center combo called The Heldrich, located in New Brunswick in 2005.
The president of the state Senate, Stephen Sweeney, said that the project is a great example of what can happen when public money is funneled into private companies for big construction projects. The Atlantic City Development Corp. is a sister company of the New Brunswick Development corp and is using them as a model to emulate. The company will use $200 million to develop a new project in Chelsea.

Attorney Chris Paladino is in charge of both operations and personally arranged the Heldrich’s $20 million loan. The $20 CRDA loan is just a part of a larger $100 million loan that was put together to build The Heldrich. Bonds were included in the loan, and were supposed to be paid back. However, only senior bond holders (representing about $30 million) have been paid back in full, plus about 5% interest. Other bondholders haven’t been paid for years now.

John Palmiere, the CRDA Executive Director, said that the payment had not happened but they knew they would be the last to be paid. Apparently, there are positive effects. For example, the hotel employs 235 union workers and pays $1.2 million in taxes for real estate every year.

The funds for the Gateway project in Chelsea are going to be used to build a dorm and campus extension for Stockton University. Apparently, the sale of the tax credits and revenue from the dorms is going to repay the loan.

Devco is based in New Brunswick. It is a development company. It was founded in the 1970’s.

Devco is planning to further its operations nationally. They have managed over $1.6 billion. Their projects are mainly in New Jersey.

This is a recap of an article that originally appeared in Press of Atlantic City

Source: http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.html

Exciting New Technology from Securus Technologies Helps Catch Criminals

Securus Technologies’ latest invention, the Investigator Pro 4.0, provides a searchable voice advancement to their program that allows investigators to track particular voices heard through the phone. Unlike past technologies that only recognized telephone numbers, the Investigator Pro 4.0 helps the officer discover potential criminal activity by tracking whether the party was ever an inmate, who in the prison is speaking with them, and whether current inmates are speaking with a released inmate.

Securus Technologies is headquartered in Dallas, Texas and serves millions of inmates, plus thousands of those in the police force. Their goal is to make the world a safer place to live, with tracking programs, incident management, and monitoring products in use in prisons throughout the United States. As technological advancements boom in the modern world, the police force and prison system has not been left in the dust, with new advancements coming through yearly.

View: https://www.linkedin.com/company/securus-technologies

Criminal networks are prevalent across the United States, with former and current inmates communicating through the walls of prisons. Investigator Pro 4.0 finally gives those in the criminal justice system a way to uncover these networks and end the criminality once and for all. And this is only the beginning; with the way that technology is increasing, there will surely be even more impressive advancements in criminal justice technology in the next few decades.

 

Don Ressler on Successful Entrepreneurial Partnerships

Don Ressler is a successful entrepreneur. In 2001, one of his firms, Fitnesseaven.com was purchased by Intermix Media. He merged with Intermix COO Adam Goldenberg to establish Alena Media which generated millions of profits and was the core profit center for Intermix organization. Although the team was successful, the media gave the founders, Ressler and Goldenberg the cold shoulder. The two were frustrated because of the media’s negative approach and decided to leave the company.

Since they were highly skilled and they knew it, Ressler and his partner Goldenberg created a brand developing company and recruited former Alena members to join. The two partners held a brainstorming session aimed at sharpening the team members in Adam’s lounging area. The brand building enterprise was reborn fourteen days later. The first product Ressler created was DERMSTORE, an online cosmetics and skin care marketplace. After two years of dealing in the cosmetics industry, Don Ressler launched a weight loss Company named SENNA and hired Dr. Alan Hirsch for product development while appointing Brett Brewer as the chief executive officer for Intermix. Under his leadership, Ressler ensures that Intelligent Beauty does not release its profit statement although it is said that the two new companies, SENNA and DERMSTORE are highly profitable.

In 2008, the company received a donation of $43 million from Technology Crossover Ventures after two years of consistent service delivery. According to Ressler, people are always known for their abilities to spot trends and develop them into industry-leading brands. His passion for fitness led him and his wife to launch Fabletics brand, sports apparel, in 2013. By leveraging their commerce business model, Fabletics can provide fashion forward athletic wear at half the competitor’s price. The co-founder of Fabletics, Kate Hudson, played a core role in influencing the brand image. JustFab Inc transformed to TechStyle Fashion Group, a leading online fashion retailer that sells handbags, jewelry, denim, and shoes. The history of TechStyle involves Ressler teaming with Adam Goldenberg in 2010 to appoint Kimora Lee Simmons as President and Creative Director in 2011. Under the leadership of Ressler, TechStyle operated under the name of JustFab and received a donation of $33 million from Matrix Partners.

About Ressler’s Mission
Ressler is a successful entrepreneur ranking top in the fashion industry. He is the co-founder of Fabletics, the now JustFab Inc. He is responsible for the millions the company bagged over the years according to Hollywood news.

 

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