Vancouver allowed to borrow money

CASTANET: Jan 17, 2009 / 12:24 pm
The Province has introduced legislation to amend the Vancouver Charter allowing the City of Vancouver to borrow money and undertake other financial arrangements in order to complete the Athletes' Village. "The Province is responding to an urgent request from city council to amend the Vancouver Charter," says Community Development Minister Blair Lekstrom. "This legislation will give Vancouver the tools it needs to negotiate the best possible deal for city taxpayers as it relates to this project."

Bill 47, the Vancouver Charter Amendment Act, 2009, was introduced today during a special sitting of the legislature. In order for the City of Vancouver to borrow and then lend funds to the project developer, situation-specific legislative amendments to the Vancouver Charter are required. "The act, developed in co-operation with the city, gives Vancouver the authority needed to make financial arrangements to meet its commitments and bring the Athletes' Village project to completion without interrupting construction," says Lekstrom. Vancouver city council passed a resolution unanimously asking for these legislative amendments on January 12.