The troubled Vancouver Olympic athletes village has entered a new phase of fail, going into receivership. What does this mean?
City of Vancouver workers will likely begin work dismantling the erstwhile housing development within the next couple of weeks, perhaps even completing demolition by Christmas. Everyone involved in the project will probably begin issuing public apologies early in the new year and digging into their personal bank accounts to cover any financial losses and protect taxpayers from any future expenses.
..or maybe not.
Actually all this means is that the City of Vancouver now takes over all marketing and sales responsibility, which apparently is their new specialty.
“We can now accelerate the sales and marketing program,” the mayor said, while acknowledging that taxpayers may still end up being on the hook for some losses.
As for how the agreement was reached, Ms. Ballem would only say: “The fact that we both agree to this meant we didn’t have to apply for receivership and then sue them.”
The city, through receiver Ernst & Young, will take over managing everything that Millennium still owns in the project – 480 unsold condos, commercial space and about 100 rental units – as well as other assets that were promised as security.
Although receivership won’t bring the city any more money than leaving the project in Millennium’s hands would, it will allow the city to move ahead in a more orderly way.
From the Globe and Mail. Other stories and video over at CTV and the Vancouver Sun.
If it makes you feel happy, remember what Sam Sullivan said:
“Not one taxpayer has paid one dollar for the Olympic village,” he said. “And they never will.”
No sir. Not one, but all of them together.
