New Brunswick Development Corporation
| Formation | 1976 |
|---|---|
| Founder | Richard B. Sellars |
| Headquarters | New Brunswick, New Jersey |
|
Key people
|
Christopher Paladino, President |
| Website | devco |
New Brunswick Development Corporation (DEVCO) is a 501(c)(3) non-profit organization. It is best known for real estate development in the New Brunswick, New Jersey area. The corporation claims responsibility for more than $1 billion of real estate projects in New Jersey. New Brunswick Development Corporation has received criticism for incurring large amounts of public debt through its work.
New Brunswick Development Corporation was founded as a "nonprofit, tax-exempt redevelopment corporation" by Richard B. Sellars, a former executive at Johnson & Johnson, in the late 1970s. The corporation's mission centered around assisting New Brunswick entities such as Rutgers University, The New Brunswick Parking Authority and several other government agencies with real estate projects through its use of contractors. Its first major project was a $6 million renovation of a Hyatt Regency Hotel, which was backed Johnson & Johnson.
Since its foundation, the corporation has been associated with Middlesex County politicians and government officials including Mayor James M. Cahill, former Mayor and State Senator John A. Lynch Jr. and Chairman of New Brunswick Development Corporation George Zoffinger. Lynch was investigated for his business dealings in the mid-2000s and pleaded guilty to mail fraud and tax evasion in 2006. Zoffinger, the former chief executive officer of the New Jersey Sports and Exposition Authority, helped to develop the Meadowlands Sports Complex and was investigated in 2009 for ethics violations that led to his resignation from the Sports Authority.
New Brunswick Development Corporation claims that its $1 billion of new development projects have been beneficial to the New Jersey area. It has received opposition from public advocacy groups for the lack of progress in communities. The New Jersey Economic Development Authority has issued more than $300 million in tax exempt debt for various New Brunswick Development Corporation projects, with more than $170 million in tax credit grants.
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