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City-Millennium bargaining went to deadline on how much developer should hand over besides Oly village

November 17th, 2010 · 57 Comments

Here’s my more complete story in the Globe on what transpired today (and the days leading up to it) related to the Olympic village moving into receivership.

But these 700 words have a hard time capturing everything that has been happening in this incredibly complex deal. (A sample of how badly it’s going to be mangled: As Penny Ballem explained some of the complexities for the umpteenth time to a roomful of reporters late this afternoon, one wanted to know: “But does the city own the village now?” Um, yes, in a word.)

As you can see in my story, the two sides have been bargaining for a few weeks on what it would take to simply have Millennium bow out. The keys plus $3 million, plus $10 million, plus $25 million or plus $60 million from them. Those were some of the numbers being batted around.

Key for you, the taxpayers, is to understand that it will be crucial to find out at some point how much money the city actually gets from Millennium, in addition to taking control of the physical asset. That additional money is what will make the difference in how much of a loss, if any, local taxpayers end up having to cover.

City people seemed to be quite pleased with whatever bargain they ended up striking at the 11th hour with Millennium. While I might normally be tempted to discount that and be wary of any claims that they had done well, those who are close to Millennium were dismayed at how much the developer brothers ended up handing over.

There are so many possible questions to this latest turn of the plot that I can’t think of where to start answering. So how about this? Ask me anything you want and I will answer to the best of my knowledge. And perhaps others can weigh in too.

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