Here are a few of the stories we're reading this week

Scandal at the Detroit Riverfront Conservancy

One of the city's greatest assets and transformations over the past 10 years has been the riverfront. Unfortunately, the Detroit Riverfront Conservancy is amid scandal right now, as its CFO is being investigated by the FBI over millions of dollars disappearing. The Detroit News reports that sources have told them that the number could be as high as $40 million. The board brought up concerns over the accuracy of financials weeks ago, and CFO William A. Smith was put on leave. The Ralph C. Wilson Foundation, which has given $40 million to the west riverfront park under construction, has noticed "project inflation." The conservancy's auditor and CEO didn't report discrepancies to the board, which could have dire implications for their future. Detroit News (paywalled)

Update: The Detroit Riverfront Conservancy announced Friday afternoon that CEO Mark Wallace has resigned and CFO William A. Smith has been fired. 

“Our investigation has revealed that Mr. Smith has embezzled significant sums of money from the DRFC and has converted DRFC funds to his own personal use," said a termination letter sent to Smith's attorney by former U.S. Attorney Matthew Schneider, who investigated with an outside law firm hired by the conservancy. "Mr. Smith’s unlawful conduct spans several years." Detroit Free Press

Gilbert on the RenCen

At the Mackinac Policy Conference this week, Dan Gilbert talked about the future of the RenCen, and that they were in brainstorming mode right now. Bedrock, the city, the county, and General Motors are working on what to do with the iconic buildings. He mentioned not only the buildings, but that some of the land could be redeveloped. And they're not just a silo - economic development in the region needs to be connected and intentional. Crain's Detroit Business (paywalled)

Detroit PBS development nabs $7.5 million

Detroit PBS is moving to Milwaukee Junction, with plans to rehab an old building for their headquarters. The Fred A. and Barbra M. Erb Family Foundation have made a $7.5 million matching grant toward the effort, donations will be matched up to the total amount until June 2027. When completed, the campus will house the TV station, headquarters, radio production, event space, and more. DBusiness