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 previous city council, Fortress and Millennium signed a $195-million “completion guarantee” in the spring of 2007, Robertson said, committing Vancouver to finish the project.
“We cannot turn back the clock of the actions of the last mayor and council. We are financially and legally committed to completing the project,” Robertson told reporters Friday afternoon during a special briefing on the financial arrangements of the project.
‘The Olympic village is a billion-dollar project, and the city taxpayers are on the hook for all of it.’— Vancouver Mayor Gregor Robertson
But this sort of mismanaged construction nightmare can’t POSSIBLY happen in Chicago, right?