Olympic Village & Southeast False Creek Updates Discussion

[spm2013]

However, the city isn’t coming out of this fully recompensed. In 2010 it took a $48 million writedown on the properties. It is also unclear whether the debt recovery includes the balance of the outstanding $170 million debt Millennium owed to the city for the land. It had agreed to buy the land for the development from the city for $200 million but only put down a deposit of $30 million. In 2011 Coun. Geoff Meggs said he didn’t expect the city to recover that amount from the sales, and in fact the city could be on the hook for upwards of $100 million once the dust settles.

http://www.vancouversun.com/business/Aqu...lympic+Village+condos/9784174/story.html