Monday, January 21, 2019

Development Corporation 2017 Compliance Audit

City of San Angelo Internal Auditor presented a summary of his compliance audit to the Development Corporation Board on December 19, 2018.  That document is shown above.

There was remarkably little information in the presentation so I asked city staff for additional information.  I received the following summary:


The audit revealed on page two that MedHab's agreement would expire 1-1-2019 and there has been no action on OneEnergy Renewables Mesquite Solar farm on city land.  Page three showed the Development Corporation spent nearly $50,000 on studies of the former City Dump just uphill from hotel row on the Houston Harte frontage road.

The Development Corporation Board will address MedHab and Hirschfeld/Martifer in Executive Session on 1-23-19.  The agenda has a $300,000 in additional BREP funding for Principal LED.  The audit showed Principal LED received $516,123 as of 2-17-17.   Blank are the Summary/History and Financial Impact sections of the report to the Board on additional BREP funding for Principal LED.  This information seems important to understand the total funding picture from public coffers.

Update 6-16-19:  The City of San Angelo created a slick video on its economic support for Principal LED.  It lacks basic details about the agreement.

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