Money trouble at Patriots Point

Money Trouble at Patriots Point

All of the historic sites that visitors enjoy at Patriots Point could be in jeopardy. The Patriots Point Development Authority got audited because of worries of financial instability and it revealed that without federal and state funding, they wouldn't be able to sustain their fleet of warships.

Patriots Point Executive Director Mac Burdette has a different opinion.

"We just absolutely disagree with them in that regard. Our board has worked very hard to develop a vision of our property we own here, which is worth a lot of money," said Burdette.

The Patriots Point staff spent more than a thousand hours meeting with the audit team and walked away feeling confident they could still get the job done.

Burdette said, "With our increased revenue from ticket sales, our two fundraiser organizations and with the use of our land in association with what's going to happen with the Medal of Honor Museum, we're very confident that we will be able to sustain this museum long term."

In 2010 then Senate Pro Tempore Glenn McConnell raised many questions about the financial stability of Patriots Point and his big concern was whether or not they could actually pay back the 9 million dollar state loan.

The Patriots Point Development Authority Board borrowed the money from the state to restore the USS Laffey and so far they have paid back 500,000 dollars. They are banking on the success of future building projects.

"The medal of honor museum is going to drive a lot of people here. It's going to make us a national destination we believe," said Burdette.

Property is something that they own a lot of and Burdette stands firmly behind that belief.

He said, "we really believe that our future is bright and that there aren't many places that you could find on Charleston harbor that are available for development. We have over 300 acres."

Only time will tell if the fleet at Patriots Point will be able to stay above water.