Monday, January 19, 2009

New Negotiations for Olympic Village


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.

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.”


About time. It is obvious that the city did not negotiate carefully with the lender nor the developer at the start of the project. It's better late than never. With a year to finish whatever is necessary, the city may be able to salvage what is a bad project and reduce the cost to taxpayers. Instead of the one billion dollar, perhaps the city would lose only the 200 million that the land was worth.

Vancouver Sun: CATHERINE ROLFSEN: New Negotiations for Olympic Village

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