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City and Millennium quietly dicker over interest rate on loan

May 19th, 2009 · 6 Comments

A recent city report (and subsequent media stories) made it sound like the financing was all settled for the Olympic village, after a lot of confusion for a while. But buried in the report was a line indicating that one important part hasn’t been settled — the interest rate that Millennium will pay on the money the city has loaned and is continuing to loan.

That interest rate has all kinds of consequences, especially since the current spread between what the city is paying and what Millennium is due to pay in interest amounts to $25 million a year (at the moment) and will go up to $30 million as all the money for the project is loaned out. You can read my story here on what the city’s thoughts are when it comes to what that interest rate should be.

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  • Not running for mayor

    Wow my congrats to Geoff Meggs. We went from losing a billion $ to now making $30/yr profit. I sense future provincal finance minister if the NDP ever make it back in. (tic)

  • Darcy McGee

    > if the NDP ever make it back in.




    Sorry. That just knocked me off my chair.

    They need to replace Carole James first.

  • LP

    I hope you don’t mind the link Francis, but this is for Darcy in #2 above.

    If this isn’t a big ruse to begin with, the knives will come out in 2011 allowing Gregor to finish his 1 term as mayor.

    As much as I’d love to see him and the rest of VV go now, kudos to him for actually finishing an elected term in office this time around.

    The NDP will never let a leader who has lost 2 elections to run for a third. Sets up well for Gregor leading the NDP in the future.

    NRFM you may not be far off with the Megglomanic being our provincial finance minister off in the is distance as scary as that may sound.

  • Darcy McGee

    > As much as I’d love to see him and the rest
    > of VV go now, kudos to him for actually
    > finishing an elected term in office this
    > time around.

    +1 on that count, LP. +1

    ONE of my beefs with Gregor (and there are more, but this was a big one) was the fact that he ran for a seat as an NDP candidate in an election where it was, frankly, obvious that he was going to wind up sitting in opposition at best. He then resigned that seat mid-term, triggering an election.

    If he wanted to be mayor of Vancouver, he should have either:
    a) waited for the civic election, or;
    b) finished his first commitment to voters then run for mayor

    I genuinely like most of the Vision, and on BALANCE I like Gregor…but he’s no more Vancouver’s white knight than Larry Campbell ever was.

    Andrea Reimer for Mayor. That I could get on side with.

  • A. G. Tsakumis

    As far as Gregor for Leader of the NDP is concerned, you are all dreaming in technicolour.

    He is HATED by the current mix of active front bench NDP MLAs. He couldn’t muster the support necessary. Do not confuse the NDP support in Vancouver with the fractured NDP political machine tat currently exists (regardless of James)

    And…Andrea for Vision Mayoral Candidate? Yeah, that’d be great if you want to see Kim Capri win that battle.

    Not a hope.

  • LP


    It’s not that I want him as any leader. Rather just a prediction. I doubt he’d be popular as a leader in the rural parts of BC with his support of the carbon tax.

    Although I do not want to see the NDP back in office, ever – they do need a credible leader to put some fear back into the Liberals so they aren’t running around doing what they please either. I think most would agree that is happening all too frequently.

    To add to that, as long as polarizing individuals continue to be part of their “front bench”, as you call it, they will have trouble obtaining the few more % they need to govern again.

    They need a shake up and sometime in 2011 look for the knives to start flying regardless of whether Gregor pulls a chicken out of his hat to run for leadership or not.