Devco: Where the Debts Go?

New Brunswick’s run-down Heldrich Hotel was renovated and developed by New Brunswick Development Corporation (Devco). This remodel required $107 million in financing, including $70 million in municipal bonds issued by the Middlesex County Improvement Authority and a $20 million loan from the Casino Reinvestment Development Authority. Unfortunately, the expensive project, designed to [take] a really crappy block and [turn] it into something special, has not yet met its high expectations. In 2015, the Heldrich only managed to occupy its 235 rooms at a rate of 63.5%. In fact according to the Press of Atlantic City, Devco had to use its own funds, to the tune of over three-quarters of a million dollars, for basic expenses to keep the hotel operating. The Heldrich’s lackluster performance has had a direct impact on the Improvement Authority’s ability to timely repay its borrowed funds. Hotel profits are supposed to be used to repay the bonds, and according to Press of Atlantic City, as recently as January, the Improvement Authority missed its $1 million payment to CRDA. This is not to mention the Improvement Authority was already behind for 5 years, missing close to $7 million in payments. Despite these challenges, Stephen Sweeney, state Senate President, has lauded Devco as a paragon of what can be done when public dollars are funneled through private firms to execute large-scale construction.Ó

Devco is a private nonprofit urban real estate development company. Around since the 1970s, Devco helps champion redevelopment and revitalization in New Brunswick. To date, Devco has managed approximately $1.6 billion worth of investment in New Brunswick. Their portfolio boasts a diverse array of award-winning projects – from commercial to residential, education to healthcare, and more.

The original article printed by Press of Atlantic city can be found here: http://www.pressofatlanticcity.com/news/breaking/unpaid-million-crda-loan-raises-questions-about-new-brunswick-devco/article_a03318e2-dcdb-11e5-a563-67611bc7b7bc.htm

 

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Slyce Inc. 2015 Performance and Achievements

Slyce Inc is a visual search platform. It provides technology services to companies and individuals through apps, software and programmes. While announcing its financial results of the year and quarter ended October 31st 2015, it also made public partnerships and contracts that it had entered into for that period of time. Slyce entered into a contract with SHOES.com where it introduced a mobile image recognition program called SHOme.ca that will enable customers of SHOES.COM snap pictures of shoes and then purchase them.

Neiman Marcus extended its use of Slyce Technology to all of its product lines through the ‘Snap. Find. Shop’ app. On 6th October 2015. Urban Outfitters and Slyce entered into a contract in which Slyce was to power Urban Outfitter’s visual search for mobile commerce. Shoe Carnival wanted to integrate image recognition technology into its business. Thus, it entered into a contract with Slyce on the 22nd of October for integration of Slyce Technology.

Slyce opened its doors in search of a lead investor. This was done through terminating its short-form prospectus offering. They found a lead investor who subscribed a total of $ 1.6million in 6% interest and later subscribed an additional $1.9 million.

New innovations have been launched by Slyce. It introduced new use cases for visual research. Firstly, it designed a system that would minimize the integration procedure that is required of new clients. The Universal Scanner was introduced for the sole purpose of allowing an automated recognition of an object. This was on October 5th 2015. The Slyce Link was launched on November 25th 2015. Slyce Link was created to stir and ultimately increase shopping conversions on any e-commerce websites.

An Enhanced 3D Object Recognition was launched that was to hugely help in the detection of products in different retailer catalogues. For this to work and products to be well recognized, Slyce built a User Generated Content system.