Friday, October 17, 2008

Live By The Developer.....Die By The Developer?


Well, well, well......

What began with a couple of crash and burns in Surrey is reportedly, at least according to Frances Bula, going to keep on going on:

"I understand there’s also another (not good) Millennium-related story about to break on a news radio station tomorrow."


Aren't they developing that Olympic Village and a bunch of those surrounding Luxury King Cong Condos that just had to be built because the NPA decided it would have been a drain on the City of Vancouver's Property Endowment Fund if a better mix of assisted, affordable and market housing had been developed in South East False Creek from the get go (see: Green Jim, not James)?

Well, it looks like that that the Village in the heart of the Luxury Kings is undersold and over budget.

But have no fear, because NPA Mayoral Candidate Peter Ladner says he and his have a plan:

Ladner, a current city councillor, originally voted in favour of the project. According to the CBC, he said he hopes that the private sector developers of the project will be able to finance the overruns.

If this is not possible, he (Ladner) said the city has a plan to underwrite the losses without big tax increases.

But what, exactly, is Mr. Ladner's plan?

Might it have something to do with, oh I dunno, the city's Property Endowment Fund?

Stay tuned......

FABula also has a great example of all the stoopid that can possibly be crammed into a puffed-up piece of flack-hackery up. Specifically, it is the Surrey developer's spam-a-whole-lotta-lovin 'news release' about all the 'interest' that other high rollers have shown in refinancing their smouldering bankruptcy pile (go to bottom of FABulous post).


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