Vancouver’s troubled Olympic Village could still wind up costing taxpayers as much as $100 million in unrecovered debt despite herculean efforts to sell the project’s remaining units, Coun. Geoff Meggs said Tuesday.
His pronouncement came after City Manager Penny Ballem reported to council that the city still has outstanding loans of $446 million even though it has managed to sell 173 more units this year and still has another 301 to sell.
Making much of the fact that a civic election is just around the corner, Meggs told reporters he believes the city has made major efforts to get itself out of a $1-billion hole dug by the previous Non-Partisan Association council.
But, he said, he’s skeptical the city will be able to close the gap between what it loaned Millennium Developments before forcing it into court-ordered bankruptcy protection, and what it will get for all of the assets.......
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By JEFF LEE, VANCOUVER SUN October 18, 2011 7:06 PM
