Olympic Village = Vancouver Taxpayer Gold

Spade

Spade

Ace Poster
Nov 18, 2008
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Aether Island
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!
 
C

Cliffy

Standing Member
Nov 19, 2008
44,850
192
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Nakusp, BC
Spade said:
Thank you, Vancouver, for being so willing to foot the bill. I thought we might have to help our cousins out!
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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

VanIsle

Always thinking
Nov 12, 2008
7,046
43
48
Cliffy said:
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.
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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

CanadianLove

Electoral Member
Feb 7, 2009
504
4
18
Islandpacific said:
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.
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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

Kreskin

Doctor of Thinkology
Feb 23, 2006
21,155
149
63
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

Francis2004

Subjective Poster
Nov 18, 2008
2,846
34
48
Lower Mainland, BC
Kreskin said:
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.
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I believe this is a loan guarantee until a new developer can be found to back the project.

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.”
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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.
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Vancouver armed with borrowing power to complete Athletes village
 
JLM

JLM

Hall of Fame Member
Nov 27, 2008
75,301
547
113
Vernon, B.C.
Spade said:
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!
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Yep, another $7/8 billion, that has nothing DIRECTLY to do with sports.
 
JLM

JLM

Hall of Fame Member
Nov 27, 2008
75,301
547
113
Vernon, B.C.
Kreskin said:
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.
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I wouldn't hold my breath the way real estate prices are beginning to plummet.
 
P

ParsonManning

Time Out
Feb 11, 2009
48
0
6
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

L Gilbert

Winterized
Nov 30, 2006
23,738
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50 acres in Kootenays BC
the-brights.net
ParsonManning said:
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.
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...... while real estate was going up (as opposed to current times).

Think about it.
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Handy advice.

And how much is the ROC out of pocket that Vancouver benefits from?
 
P

ParsonManning

Time Out
Feb 11, 2009
48
0
6
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

L Gilbert

Winterized
Nov 30, 2006
23,738
107
63
70
50 acres in Kootenays BC
the-brights.net
ParsonManning said:
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...........
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Those that miss the boat will just whine and moan. Who cares about them?
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Funny you should say those two things all in the same post. hehehe

We all know what can come of speculation, right?
 
P

ParsonManning

Time Out
Feb 11, 2009
48
0
6
So whine and miss the opportunity.In five years you will only wish you had been smart enough to invest in the development.
 
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