You can always trust the government when they tell you that the Olympics will entirely funded by private investment and that the tax payers will not be soaked for the private five-ring party, right? Well the 2012 London summer games just made a big WHOOPS! -as reported on Regen Daily:
The 2012 Olympic Village development is to be built with no private sector funding, the Government has confirmed.
In a meeting of the of the Ministerial Funders Committee – the body that oversees the budget of the games – it emerged that the project will continue to be designed and developed by Lend Lease, but that it will now be funded entirely from the public purse, a statement from Lend Lease said.
Dan Labbad, chief executive officer of Lend Lease Europe, said: “Lend Lease submitted a highly competitive bid which offered to invest equity of £150 million in the project but the government and the Olympic Delivery Authority have decided that the overall risk return criteria for this type of project in the current market environment is not conducive to private funding.”
THAT couldn’t POSSIBLY happen to Chicago taxpayers, our construction projects are ALWAYS on time and on budget and our real estate market is MUCH more robust than London’s, right?