Athletes village to get $100-million loan
The City of Vancouver has authorized lending up to $100-million to rescue the financially troubled Olympic athletes village project, The Globe and Mail has learned.
Council gave the city manager the mandate to advance the project’s developer the money to help cover cost overruns and other shortfalls at an in camera meeting held Oct. 14. It has already advanced nearly $30-million. At that meeting, council approved spending up to $450,000 to bring in a third party to oversee management of the project being built by Millennium Development Corp.
Details of the city’s involvement in bailing out the project’s cash-strapped developer have until now been kept secret. Councillors are under a publication ban and have been told they face serious repercussions if they discuss publicly the decisions taken at the in camera meeting.
Not really a surprise. Pretty much par for the course. For dealing with really pressing issues the City always pleads poverty and a reluctance to turn to local property taxes. For trivial issues, such as a two week sports festival that gives the Mayor the chance to twirl a flag on international tv, money will be found. And no one is allowed to talk about it.
Of course, in the run up to a local election, the publication ban looks like a pretty thin threat that did not bother some people.