A report released by City Auditor Laura Doud yesterday indicates that Queen Mary owners Save The Queen did not spend enough money in improvements to the ship to satisfy a 2007 agreement with the City of Long Beach. The organization had agreed to pay $2,800,000 by December 2008, but fell short of that goal by about $761,000, according to the report.
In November of 2007, Save The Queen agreed to pay for $5,300,000 in capital improvements to the dormant ship through December of 2010, in exchange for a waived percentage of their rent. Save The Queen agreed to spend certain amounts by certain dates, the first deadline of which came on December 31, 2008, when the organization was required to have spent at least $2,800,000. According to the report, Save The Queen spent 2,039,000. The second deadline is December 31, 2009, when the organization must prove they have spent at least $4,300,000.
The report does not mention whether there are repercussions for failing to meet the deadline. More information coming soon on lbpost.com. Click here to read the audit from Doud’s website.
Photo by Russell Conroy
Disclosure: lbpost.com co-founder Shaun Lumachi is under contract with the Office of the Long Beach City Auditor.