Friday, January 09, 2009

Not Quite A Billion Dollar Boondoggle....


CKNW's Marcella Bernardo has the details from the 'Technical Report' at City Hall Today....

$875-million dollars.

That’s how much Vancouver taxpayers will be on the hook for to complete the Olympic Athlete's Village in a 'worst case scenario' according to city officials.
The key lender for the billion dollar project, the Fortress Group, stopped loaning developer Millennium $750-million dollars in September.
That’s why the city approved a $100-million dollar loan guarantee to ensure construction goes ahead.
When that money runs out this month, another $458-million is still needed to complete construction before November when VANOC takes over for 5 months.
Only 1/3 of 750 apartment units have already been sold.
City officials are not saying how much money is in trust.



This is the City and the folks now running it trying to get out front.

So it is the worst case......given that the Hedge Fund Boys have apparently gone in through the out door....


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