Riverfront Conservancy gets financial relief amid probe

The local philanthropic community is raising $35 million to help the Detroit Riverfront Conservancy complete construction projects along the riverfront amid an ongoing federal probe of its former CFO, who is accused of stealing nearly $40 million .

Why it matters: The $35 million fund will help finish by next year the west riverfront's 22-acre Ralph C. Wilson Jr. Centennial Park .

• It will also help complete final elements of the Uniroyal Promenade and Robert C. Valade Park .

State of play: The Community Foundation for Southeast Michigan announced Monday that it established the $35 million fund with a $10 million grant from the Ralph C. Wilson Jr. Foundation and a $25 million line of credit.

• The fund is intended to pay contractors and support the conservancy's vision to develop and beautify the city's riverfront from the Ambassador Bridge to Belle Isle.

The latest: A federal judge on Monday froze up to $39 million in assets that former CFO William A. Smith allegedly controls, the Free Press reports .

• Federal authorities allege Smith tried to sell properties after he came under investigation, including a home in Atlanta, a condo in Mexico and a 36-foot yacht.