Finding 1: The Block 6 Wrap Project was plagued by poor oversight and confusing agreements leading to numerous weaknesses and significant risks of waste and abuse

Finding 2: Oversight responsibilities were not clear, in part, due to numerous agreements

Finding 3: MFR was selected as the sub-developer for the Block 6 Wrap Project even though it had no construction management experience

Finding 4: TIF revenues of more than $596,000 and rental income of almost $443,000 were used for expenditures not permitted by various project agreements

Finding 5: The Authority has not deposited $318,181 of state TIF Funds with the bond trustee

Finding 6: The City of Bowling Green has not deposited $86,325 of local TIF funds with the bond trustee

Finding 7: MFR failed to balance the project fund, resulting in overspending the project budget and leaving the project with a deficit balance of more than $4.5 million

Finding 8: Administrative/project fee of $844,200 paid to Authority was not properly supported

Finding 9: Fiscal Court and City did not provide funding to allow Authority to hire employees

Finding 10: There appears to be numerous conflicts of interest due to business transactions among related parties on the project

Finding 11: Failure to monitor and limit amounts spent on tenant improvements resulted in overspending on the project

Finding 12: MFR did not generate premium lease revenues from subleases in the amount of $80,086 and reduced or waived rent and common area maintenance fees

Finding 13: MFR did not pay invoices in accordance with time frames in the construction contract, resulting in a mechanics’ lien filed against MFR

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