The audit has begun
The Office of the State Comptroller has officially begun an audit of PAETEC Park's finances, office spokesman William P. Reynolds told me today. He said the audit will take "several months" to complete.
Rochester Mayor Bob Duffy had asked the Comptroller's Office to conduct an audit of the stadium project after the full scale of the Rhinos' financial problems became known. The Comptroller has jurisdiction on the subject because lots of state money has been used to build the still-incomplete soccer stadium.
This news comes just as Utica banker Rob Clark completes his purchase of the Rhinos from Frank DuRoss, Steve Donner and Chris Economides (DDE). A key question, then, is if and how much the audit will impact Clark's management of the team and his ability to move the franchise forward.
But one thing is for sure: This is bad, bad news for DDE. The courts have already ordered them to pay LeChase Construction more than $630,000 in overdue bills, interests and fees. Now they're under a state investigation of their management of the millions of state money they used to construct PAETEC Park.
Rochester Mayor Bob Duffy had asked the Comptroller's Office to conduct an audit of the stadium project after the full scale of the Rhinos' financial problems became known. The Comptroller has jurisdiction on the subject because lots of state money has been used to build the still-incomplete soccer stadium.
This news comes just as Utica banker Rob Clark completes his purchase of the Rhinos from Frank DuRoss, Steve Donner and Chris Economides (DDE). A key question, then, is if and how much the audit will impact Clark's management of the team and his ability to move the franchise forward.
But one thing is for sure: This is bad, bad news for DDE. The courts have already ordered them to pay LeChase Construction more than $630,000 in overdue bills, interests and fees. Now they're under a state investigation of their management of the millions of state money they used to construct PAETEC Park.
posted by Ryan Whirty at
11:56 AM
2 Comments:
ummm...when does Donner want to start negotiations for that Blue Cross Arena lease?
By
Anonymous, at 2:00 PM
I have this so far irrational suspicion that this "debacle" Rochester is going thru was planned from the get-go (just like the 1$ Adirondak bank deal) or at least "helped" into it's current direction at the guidence of the Acruri goons.
Get shells and throwaway "front" businness to get the loans, and then kick the legs out from ubder it all. Then Rocco and Aruri and Clark come in and vuy at pennies on the dollar a 35 Million Dollar "stadium".
I can't say I'm "SURE"" thats what happened but I would NEVER be suprised! Thats how they always do business here in Utica, they set up one "non-profit" after another to go get the State/Fed handouts and then pocket the proceeds, or steer the contracts to their bedfellows... that's OBVIOUS and provable, so how much further of a stretch is it to wonder if our dirbag local dems had this planned from groundbreaking.
By
Anonymous, at 10:32 PM
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