Vancouver gets OK to borrow for $1B Olympic Athletes' Village

CBC NEWS: City charter amended after marathon debate

The City of Vancouver has been given the go-ahead to borrow the money it needs to complete the $1-billion Athletes' Village for the 2010 Winter Games. After 20 hours of debate, the B.C. legislature on Sunday approved Bill 47, which gives the city unlimited borrowing power, as long as it uses the money solely for completion of the development that will house Olympic athletes. The city stepped in after the waterfront project ran into financial problems last fall and the lender, a New York hedge fund, cut off payments to the developer. Under the city charter, Vancouver had been prohibited from borrowing all the money needed to complete the project without holding a public referendum. The bill relieves the city of that responsibility by amending the charter.