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Olympic deal?

February 12th, 2009 · 2 Comments

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.

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  • Joseph Jones

    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.

  • Wagamuffin

    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.