Frances Bula has a good summary of the current state of debt on the Olympic Village.
The City of Vancouver hasn’t made it terribly easy to find out where we are in terms of paying for that mess, but with a little sleuthing it would appear we’re actually making good progress to pay off the $750 million construction loan the city took out.
Just $300 million left to pay on that debt.
Both Mr. Meggs and city manager Penny Ballem say it’s impossible to predict whether the remaining 181 condos (as of Dec. 31, 2012) and transferred Millennium properties will do more than cover the last $300-million of the outstanding debt (that figure was $462-million at the end of 2011).
If so, the remaining $171-million the city expected to get from Millennium for the land will never materialize.
So the city may never see any money for the land the Olympic Village was constructed on but hey, look at that beaver!