A leading candidate for mayor of Vancouver has refused to comment on a report the city council has approved a $100-million loan to bail out the financially troubled company building the athletes village for the 2010 Olympic Winter Games. The Globe and Mail reported on Thursday that decision was made at a closed-door council meeting on Oct. 14. But Coun. Peter Ladner refused to answer questions about the issue at a mayoralty debate the same morning. Ladner, who is the chair of the city's finance committee, told reporters that he was unable to discuss any decisions reached at the in-camera meeting. Last month a City of Vancouver official confirmed that Millennium Development Corp was facing an estimated $60 million in cost overruns on construction of the athletes village. The developer plans to sell the units in the village after the Olympics as condominiums, but in recent months Vancouver's real estate market has been hit badly by the global financial crisis, throwing the long-term financial stability of the project into doubt.
1 comment:
Great! Join the "reverse socialism". Bail out the companies with taxpayers money!
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