Olympic Village = Vancouver Taxpayer Gold


Spade
#1
I see the Vancouver taxpayer very well may be on the hook for $875 million for the Olympic Village!

According to the CBC:
"Vancouver taxpayers could be on the hook for as much as $875 million to complete the Olympic Athletes Village unless city council can reopen a loan given to the developer or find new financing.

"The city has been forking out money to keep construction going since New York-based hedge fund Fortress Investment Group stopped advancing funds in September to Millennium Development Corp., Mayor Gregor Robertson said Friday."

The hubris of Olympic-sized promoters hasn't diminished much since Montreal's Drapeau and the Big O!
 
Spade
#2
Thank you, Vancouver, for being so willing to foot the bill. I thought we might have to help our cousins out!
 
Cliffy
#3
Quote: Originally Posted by SpadeView Post

Thank you, Vancouver, for being so willing to foot the bill. I thought we might have to help our cousins out!

Vancouverites are blinded by the hype. They are in a drunken stupor of party mania. But in the end, it will be all of BC that pays for this folly. Reminds me of Gordo's drunken joy ride in Hawaii.
 
VanIsle
#4
Quote: Originally Posted by SpadeView Post

Thank you, Vancouver, for being so willing to foot the bill. I thought we might have to help our cousins out!

Cousin: Don't put your cheque book away yet!
 
VanIsle
#5
Quote: Originally Posted by CliffyView Post

Vancouverites are blinded by the hype. They are in a drunken stupor of party mania. But in the end, it will be all of BC that pays for this folly. Reminds me of Gordo's drunken joy ride in Hawaii.

Cliff, did you see in the paper where they are planning on bringing in some huge ship from Germany as a kind of floating hotel? Just gets crazier by the day.
 
CanadianLove
#6
Quote: Originally Posted by IslandpacificView Post

Cliff, did you see in the paper where they are planning on bringing in some huge ship from Germany as a kind of floating hotel? Just gets crazier by the day.

I had heard that a couple of years ago. this was to be the base for the security units. Pools are to be replaced by helipads. Likely the whole upper deck will be.
 
Kreskin
#7
If the city is on the hook for it is it really that bad? I suspect they could recover the cost or profit by selling the units after the Olympics.
 
Francis2004
#8
Quote: Originally Posted by KreskinView Post

If the city is on the hook for it is it really that bad? I suspect they could recover the cost or profit by selling the units after the Olympics.

I believe this is a loan guarantee until a new developer can be found to back the project.

Quote:

Vancouver Mayor Gregor Robertson said Sunday “everything is on the table” as the city negotiates a plan to complete the troubled Olympic village — including finding new lenders and removing the current developer from the project.

The city is armed with new borrowing powers freshly granted by the province to help it complete the task.


After a marathon 18 hours of debate in a rare weekend sitting, the B.C. legislature Sunday morning unanimously passed an amendment to the Vancouver Charter allowing the city to borrow unlimited funds to finance the Olympic village.


Later Sunday, Robertson told reporters that in the days ahead, the city will be renegotiating the project with lender Fortress Investment Group and developer Millennium Development, with Vancouver taking on “potentially a more significant role.”

Quote:

On Saturday, NDP leader Carole James said the Opposition would support the legislation, but not before thoroughly debating the bill and attempting to introduce amendments.

Vancouver armed with borrowing power to complete Athletes village (external - login to view)
 
talloola
#9
Quote: Originally Posted by CliffyView Post

Reminds me of Gordo's drunken joy ride in Hawaii.

Don't remind me of that disgusting display of tackiness, I lost what little respect
I had for him then, and every time I look at him, I 'remember'.
 
Cliffy
#10
Quote: Originally Posted by talloolaView Post

Don't remind me of that disgusting display of tackiness, I lost what little respect
I had for him then, and every time I look at him, I 'remember'.

Attachment 984 (external - login to view)

Don't throw up talloola.
Last edited by Cliffy; May 10th, 2009 at 03:21 PM..
 
Kreskin
#11
Quote: Originally Posted by SirFrancis2004View Post

I believe this is a loan guarantee until a new developer can be found to back the project.





Vancouver armed with borrowing power to complete Athletes village (external - login to view)

Oh great, now we'll listen to Carol James yak for a month.
 
JLM
#12
Quote: Originally Posted by SpadeView Post

I see the Vancouver taxpayer very well may be on the hook for $875 million for the Olympic Village!

According to the CBC:
"Vancouver taxpayers could be on the hook for as much as $875 million to complete the Olympic Athletes Village unless city council can reopen a loan given to the developer or find new financing.

"The city has been forking out money to keep construction going since New York-based hedge fund Fortress Investment Group stopped advancing funds in September to Millennium Development Corp., Mayor Gregor Robertson said Friday."

The hubris of Olympic-sized promoters hasn't diminished much since Montreal's Drapeau and the Big O!

Yep, another $7/8 billion, that has nothing DIRECTLY to do with sports.
 
JLM
#13
Quote: Originally Posted by KreskinView Post

If the city is on the hook for it is it really that bad? I suspect they could recover the cost or profit by selling the units after the Olympics.

I wouldn't hold my breath the way real estate prices are beginning to plummet.
 
talloola
#14
Quote: Originally Posted by CliffyView Post

Attachment 984 (external - login to view)

Don't throw up talloola.

blaaak gurgle gag splat, yuk
 
ParsonManning
#15
This will end up being a good investment for the City of Vancouver - they retain ownership of the land, and can either sell, or given market forces, rent, the condos for a number or years. Perhaps some of you don't remember how beneficial the False Creek development was for the City of Vancouver.

Think about it.
 
L Gilbert
#16
Quote: Originally Posted by KreskinView Post

Oh great, now we'll listen to Carol James yak for a month.

I saw her on tv snivelling on about Campbull's handling of the Olys. Almost phoned her up and reminded her that it was HER party that got us into the Olys in the first place.
 
L Gilbert
#17
Quote: Originally Posted by ParsonManningView Post

This will end up being a good investment for the City of Vancouver - they retain ownership of the land, and can either sell, or given market forces, rent, the condos for a number or years. Perhaps some of you don't remember how beneficial the False Creek development was for the City of Vancouver.

...... while real estate was going up (as opposed to current times).

Quote:

Think about it.

Handy advice.

And how much is the ROC out of pocket that Vancouver benefits from?
 
ParsonManning
#18
Tell you what, if I could purchase two or three of the units in the Olympic Village tomorrow, I would. Unfortunately those with better capital already have purchased the units. This is probably the best real estate investment one can tie into in this decade.


Those that miss the boat will just whine and moan. Who cares about them?
 
L Gilbert
#19
Quote: Originally Posted by ParsonManningView Post

Tell you what, if I could purchase two or three of the units in the Olympic Village tomorrow, I would. Unfortunately those with better capital already have purchased the units...........

Quote:

Those that miss the boat will just whine and moan. Who cares about them?

Funny you should say those two things all in the same post. hehehe

We all know what can come of speculation, right?
 
ParsonManning
#20
So whine and miss the opportunity.In five years you will only wish you had been smart enough to invest in the development.
 
L Gilbert
#21
Nope. Actually, I laugh and wonder about the lack of wisdom of relying upon speculation. But then, it's part of laughing and wondering about the lack of wisdom in putting the love of gold over life in general.
BTW, I am doing fine as it is. I don't want a whole lot more than I have. A new fishing boat and motor would be nice, though.
 
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