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Vancouver's Troubled Olympic Village

Posted by: Michael Dudley

14 January 2009 - 5:00am

Vancouver's 2010 Olympic Village construction is way over budget and the city is holding the bill.

"Vancouver City Council is seeking emergency borrowing powers to meet a funding shortfall of $458-million needed to complete the troubled Olympic Village project.

The council move comes just days before the city is due to fork out another $21-million to the project developers, Millennium Development Corp., in order to keep construction going on the village, which must be finished by November to have it ready for housing athletes competing in the 2010 Winter Olympics.

Total construction costs for the 1,100-unit village are now set at $875-million, up from the previous budget of $750-million. So far, Fortress has loaned $317-million and the city $100-million to the developers, leaving $458-million more to cover."

Full Story: Vancouver seeks $458-million emergency loan
Source: The Globe and Mail, January 13, 2009
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