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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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