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CCDC Drops $400 Million Project. Audit of SEDC Reveals "Fraud"

Why did the CCDC ultimately decide to drop the 7th and Market development project that was clouded in controversy following the departure of the board's president, Nancy Graham? CCDC board member Bob

CCDC Drops $400 Million Project. Audit of SEDC Reveals "Fraud"

Audio posted in the afternoon.

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Tom Fudge: Yesterday was a day of big news in the fallout from scandals that have rocked two San Diego redevelopment agencies. In one of them, an audit committee report concluded that top staffers at the Southeastern Economic Development Corporation engaged in fraud. The report could be the first step leading to criminal charges against SEDC staffers. Those top staff members approved hundreds of thousands of dollars in bonus compensation, much of it for themselves. More on that later.

Another development yesterday related to the conflict of interest problems that are linked to the former director of the CCDC, the Center City Development Corporation. The CCDC has decided to pull the plug on a development valued at more than $400 million. The proposed 7th and Market development project was to be built by a company called The Related Group. The Related Group had a financial relationship with Nancy Graham that had been very profitable to the former CCDC President.

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