Truemors
Yesterday's story in the Globe and Mail reveals that in the summer of 2007 "NPA majority on council agreed to provide Fortress with the loan guarantee and a completion guarantee, obligating the city to complete the project in the event Millenioum was unable to. That also means the city would be responsible for paying the Fortress loan in the event Millenium defaulted.
Councillors for Vision and COPE voted against completing the loan and completion guarantees.
At the same meeting, staff informed councillors that project developer Millennium Development Corp. was in "anticipatory default" - unable to meet its financial obligations to the city."
Read this story in the Globe and Mail
At the special council meeting on Monday, council voted unanimously to ask the provincial government for a one-time amendment to the Vancouver Charter in order to borrow $458-million emergency loan needed to complete the project.
How relieving to know that the city is in good hands today, after a disastrous 3 year term of Sullivan's and Ladner's failed leadership, with all but one NPA councillor holding on to her seat in the November civic elections.
Photo: Olympic Village construction site, May 2008
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