Tech & Biz

Deputy Manager of Vancouver 2010 Olympic Village Resigns

by TFleming | January 16, 2009 at 01:24 pm

178 views | 3 Recommendations | 2 comments

Jody Andrew's, deputy city manager responsible for the construction of the Olympic Village in Vancouver resigned last night. His resignation is effective immediately and at this point here is no word on who will replace him, understandingly enough. This comes at a time when the project faces serious financial problems as the price for completion has reached an estimated $875 million.

Fortress Investment Group, which was to lend the $750 million budgeted for the development, stopped advancing cash to builder Millennium Development Corp. in September, and the city has since been covering construction costs with a $100-million bailout loan approved during an in-camera council meeting on Oct. 14.

Mayor of Vancouver, Gregor Robertson has asked the provincial governement to amend the cities charter which would allow him to borrow $458 million to complete the 2010 Olympic Village if Fortress stopped funding it.

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altrugon

at 16:01 on January 16th, 2009

If the construction never sees a completion day it won't be a totally wasted of space/money/effort. I'm pretty sure the homeless of this city will find those skeleton of cement quite comfortable.

The only question then it would be, do we have enough space for all of them?

John Onland (not verified)

at 19:03 on January 16th, 2009

Is that all ? good deal when the games are over and they (city of Vancouver) sells 890 condos for $400,000- 6 millon each. Then tax the hell out of all of us. For there mis