Posted on 01/12/2009 10:07:03 PM PST by TigerLikesRooster
Monday, January 12, 2009
Could the 2010 WINTER OLYMPICS BE cancelled?
A BILLION DOLLAR BAILOUT IS NEEDED! Will RUSSIA BAIL THEM OUT?
Vancouver taxpayers are on the hook for the entire billion-dollar Olympic Athletes' Village project after the lender cut off funding to the troubled development, Mayor Gregor Robertson said Friday.
Now, the city is scrambling to renegotiate its deal with Fortress Investment Group before Feb. 15, when the money flow is to evaporate and construction will be halted unless a new deal is in place.
"The Olympic village is a billion-dollar project, and the city taxpayers are on the hook for all of it," Robertson said. "We are financially and legally committed to completing this project."
Robertson and senior city staff revealed details of the deal negotiated by the city, developer Millennium Development and lender Fortress to build the 17-acre village, touted as a model of sustainability.
Fortress stopped in September doling out the monthly money needed to keep construction going after its agreement with Millennium went sour. Since then, the city has been paying to keep construction going, to the tune of $79 million over three months.
Next Thursday, the city will give the development another $21 million, the last of a controversial $100 million loan approved by council last fall. After that, it's unknown where the rest of the money needed to complete the project will come from, an estimated $458 million.
That, combined with the $317 million already loaned by Fortress and the $100 million being fronted by the city, leaves taxpayers with a combined financial liability of $875 million.
Ping!
What about the 2014 Winter Olympics in Sochi, Russia?
Hey, Slick Willard can save it ! (at least it will get him the hell out of the country)
Naw, they’ll just start another lottery, like they did for Montreal.
Just came from there for Christmas. What a shame. Saw the “skeleton” for the Olympic Village in Vancouver overlooking False Creek which cuts through the city. Those buildings will eventually be sold as condos.
Then again, it’s an F’d up city.
“Then again, it’s an F’d up city.”
Why do you say that?
Yes. Yes it is.
>Why do you say that?
Grew up there since grade school so I can expertly say it’s an F’d up city. Try free drugs for junkies, worst snowstorm to hit the city in 40 years yet the city won’t allow for more snow trucks so the citizens have to fend for themselves, the “annual” protest by city (or provl..you choose) UNION workers because getting paid $40 per hour ain’t enough and more anti-American bias from the local and Canadian media.
here’s my bold prediction: The US anthem will be BOO’D loudly by the Canadians in Whistler 2010. The city makes Berkeley look like Dubya’s vacation home.
the olympics sucks. pagan ritual repopularised by hitler
Just sell lots of snow cones this summer...that’s all. Come to think of it, I need a bailout....where’s the line? Why is Madoff in front of me?
Yes he’s really the only man on Earth qualified to do something like this.
On a side note. Just say no to Chicago IOC!! From a Chicago taxpayer. I like the Olympics and all but no thanks.
Oh come come now.
We are living in an age where the russians are genetically manufacturing sports stars. eugenics is alive and well. so is the art of making undetectable drugs. there is no honor in the olympics any more. the chinese olympics showed it up for the globalist UN-type thing it is
Finally....a happy ending.... the termination of the Olympic Games.... GOOD NEWS INDEED!
Only a lousy billion? Pfffhht! Have Canada ask Obummer for a bailout. What’s another lousy billion thown into the mountain of debt the government is piling on our backs?............/s
A billion dollars? In todays world that's chump change. Here in the good ol US of A cities build NFL & baseball stadiums for about the same dollar amount ... and pass it on in the form of an add on to a existing already high sales tax. What's more, part of the cost, they tear down perfectly functional existing facilities that were built only 20 or 30 years earlier.
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