Examination of Pennsylvania Avenue Development Corporation Financial Statements

An audit was undertaken of the statements of financial condition as of September 30, 1979, of the Pennsylvania Avenue Development Corporation (PADC). PADC, a wholly owned Government corporation, was created by Congress under the Pennsylvania Avenue Development Corporation Act of 1972. The Corporation finances a program of extensive public improvements and expanded pedestrian amenities. Also, to facilitate private development, the Corporation buys and assembles properties in the areas adjacent to Pennsylvania Avenue between the Captiol and the White House and leases them back to private investors for development according to the Pennsylvania Avenue Plan. To carry out its operations, the Pennsylvania Avenue Development Corporation established three separate funds. They are the salaries and expense fund, the land acquisition fund, and the public development fund.