Is the Authority managing its personnel functions in compliance with state laws and regulations?
The Authority should generate enough income to meet the capital and operating needs it has thus far identified. However, it is difficult to accurately estimate the repairs needed to bring the ships to a reasonable state of repair. If the development does not perform as planned, there is a risk the Authority may not receive the projected income. If this occurs, the Authority may need to seek additional sources of revenue, which may potentially include state appropriations. If the development of the land performs as planned, the Authority should be able to provide a place of recreation and education for the general public, and still earn a rate of return higher than if it had sold the land. Based on our review and an evaluation conducted by an outside consultant, it appears the process followed by the Authority in leasing the 34 acres of parcel three, including the Charleston Harbor Hilton Resort, cottages, a marina, retail and an office/residential complex was adequate to ensure a reaso
