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Canadian province to deal with Olympic village

Canadian province to deal with Olympic village

British Columbia will hold a special legislative session to deal with Vancouver's financing crisis over the 2010 Olympic village.
Province premier Gordon Campbell said on Wednesday that government lawyers are drafting legislation to amend the Vancouver Charter to allow the city to borrow more than $450 million Canadian ($360 million) to finish the project that will house Olympic athletes.
Campbell said the legislature would be recalled to deal with the issue before it's scheduled resumption on Feb. 10.
"As soon as the amendment is ready we'll bring in the legislature," Campbell said. "I think this is very urgent."
Campbell also suggested that any financial assistance from the provincial government was unlikely.
After the city council disclosed the details of its financial troubles with the Olympic village, credit agencies Standard and Poor's and DBRS placed the city's credit rating under review, with negative implications.
The city has been covering the cost of construction on the village since October, when the lender stopped payment pending a renegotiation of a $750 million Canadian ($602 million) construction loan taken out by the developers.
They're now looking to borrow the remaining $458 million ($368 million) needed to get the village done on time, in case the deal falls through altogether.
The city hasn't yet suggested it would make changes to the design or specifications of the village because, under the terms of a 2007 guarantee on the construction loan, the city committed to delivering the project in accordance with the developer's original guidelines.
Vancouver's Olympic organizing committee was expected to take possession of the 1,100 units and other facilities this autumn. The development has a budget of $1 billion Canadian ($803 million), taking into account the cost of the prime waterfront land it sits on, construction and cost overruns.


Updated : 2021-03-04 01:32 GMT+08:00