The loan was approved for between $2 to $5 million, but that money has not been accounted for, a recent statement from investors said.
The report comes as the ship has temporarily halted its operations amid the coronavirus pandemic.
The ship’s news archive is one long and disappointing saga of carpet-baggery, financial loss, a continuum of carelessness, a neverending inability to turn it into a money-making tourist attraction and, most recently, something close to a shipwreck.
Urban Commons said it will utilize funding generated from the 40 surrounding acres, including passenger fees from the Carnival cruise terminal, which the company collects under its lease agreement with the city, and revenue from the many music festivals held near the ship.
In a series of letters, the city accused Edward Pribonic of breaching the confidentiality provisions of his contract during media interviews and of refusing to respond to city questions.
Inspector’s firing comes as his critical reports this year made waves for the city and the ship’s operator, Urban Commons.
Nonprofit QMI Restore the Queen says it received a cease and desist letter from the city regarding trademark infringement.
The Carnival Panorama is expected to log about 1.5 million passenger movements annually.
The 2018 financial audit provides a glimpse into the historic ship’s finances as its operator works to balance revenue with costly repairs and other expenses.
The auditor will seek to reconcile the company’s recently-released financial statements from the last two years and information contained in the company’s prospectus to potential investors last spring.