The Globe’s Gary Mason has a story today about the city getting close to coming to a deal with Fortress, the lender on the Olympic village project, to take over the financing.
It’s not a completely done deal yet, of course, since Fortress’s syndicate partners have to agree to this too and the city still needs to nail down its own financing for the project.
2 responses so far ↓
1 Joseph Jones // Feb 12, 2009 at 7:33 pm
So it looks like the City of Vancouver is indeed getting ready to set up a Bad Bank on False Creek.
“It will allow the developer to hang on to the condominium units until the market rebounds,” says Mason.
That’s quite an assumption. Almost as good as a completion guarantee!
Whatever happens, that $4 million penalty should get tacked onto Millennium’s bill – plus interest.
2 Wagamuffin // Feb 14, 2009 at 3:50 am
Nice to see that Gary has toned down the hysteria that he helped create.
Not going to cost Vancouver taxpayers $875,000,000!?!?!?!?!??!
What a surprise. At least to Gary.