More Olympic Fiasco

Trina

February 18, 2009 - 8:45 PM
Flag this as Inappropriate

its okay taxpayers after all we have the sales of high end condo's in Vancouver? Walk over to the Ritz Carlton hole in the ground and let me know what the real prospects are to recover our money in this Millenium (no pun intended)


hi mom.

February 18, 2009 - 8:39 PM
Flag this as Inappropriate

"Has any city ever benefitted from hosting the Olympics?" - Rome, 1908; - Berlin, 1936; - Los Angeles, 1932. I couldn't find figures for many of the Olympics, but on a cursory search, I found the above three instances where Olympic Games made financial gains. Rome is my favorite. 1908. Good to know.


James

February 18, 2009 - 8:37 PM
Flag this as Inappropriate

Coun. Raymond Louie severely criticized past city staff decisions, saying he thought they didn’t adequately warn council of the risk of the development when they agreed to underwrite the Fortress loan to Millennium. He said he was also concerned Millennium would put units into a “fire sale” to generate cash, and he wanted the city’s investments protected. However, Ballem said the Fortress loan documents contain strong language governing how the units can be sold and for what base price, and she thought that was adequate for the city. I think its crass that Coun. Raymond Louie severely criticized past city staff decisions, was he not the person who proposed the " hidden deal kept from the taxpayers" - something that I still believe was illegal when it was instituted as borrowing and giving written guarantees a capital project without public approval was the same as actually spending the money. If this guy is ever voted in again then we get what we deserve.


R J

February 18, 2009 - 8:30 PM
Flag this as Inappropriate

Shahram Malek, one of the owners of Millennium, said he was pleased with the buyout arrangement. “We’ve got this behind us now,” he said. “It’s a win-win for everybody.” What a bloody joke from this guy who has been saved by the taxpayer! The city has already received one offer from a bank, but will now seek competitive bids from others. Robertson and city finance director Ken Bayne said the refinancing won’t directly affect taxpayers because the project is essentially self-financing. On what basis is this project self-financing? On some hypothetical real estate price in 2050? I am sick to death of the rhetoric spouted by The City trying to defend a fiasco that has cost the City a fortune. It does not matter what pot it comes out of it is money that was not in the plan for this project and now cannot be spent elsewhere on what might have been worthwhile projects.


BS.

February 18, 2009 - 8:27 PM
Flag this as Inappropriate

I like how much money we're spending on a little game. Next we may be spending the rest of our money on a chess match, everyone got their 4mill ready to spend on Go Fish tournaments?


Tyler

February 18, 2009 - 7:46 PM
Flag this as Inappropriate

Glad I moved to Burnaby from Vancouver. They will not get all the money back from sales, and property taxes will skyrockety. LOL at the clowns who approved this.


Adrian Eden

February 18, 2009 - 6:22 PM
Flag this as Inappropriate

What is more important, health/education funding or the Olympics? Lets see, the Olympics sounds like a good choice?! NOT! You can fully expect crime to rise in BC because of the way you handle tax dollars.


Anonymous guy

February 18, 2009 - 5:25 PM
Flag this as Inappropriate

The people who did the legal work on this must be brilliant


dave

February 18, 2009 - 5:19 PM
Flag this as Inappropriate

the people in dark suits-- the ceo's, politicians, etc-- line up at the trough of free handouts, the best tickets to the olympic events, the biggest banquets and no waiting lines-- all paid for by the low-level munchkins of vancouver and bc-- watch them smile and espouse all the great things that will flow to vancouver and bc as they don't have to worry about the bills coming in for the next 20 years... or beyond-- the taxpayers have all the worry-- ask salt lake city, torino, athens and sydney how much value their olympics really added to their coffers-- they were all BIG money losers, as vancouver/bc will also be the Olympics are a bloated, over-priced sporting event for the elite gurus who come up with the idea to host them and then sit back and wait for all the perks to come their way-- when is enough enough???


Gordo Rambo

February 18, 2009 - 4:44 PM
Flag this as Inappropriate

With the Game 1 year to go, this thing will not get done in time. GUARANTEED!!!!!! Total embarrassment!


Rod

February 18, 2009 - 4:37 PM
Flag this as Inappropriate

In truth what else could the city do? Maybe play a little hardball and hope the boys in Victoria bail out Millenium? Or say to heck with it and put up the athletes at the local Best Western? The city can't shake the Olympic hook. So the city will provide bridge finanacing to Millenium and hope it all works out for the best a few years down the road. Glad I'm not a city taxpayer.


MARKET RATE IS RIGHT

February 18, 2009 - 4:08 PM
Flag this as Inappropriate

Market Rate is so right. Credit was flowing so easily and those were the best rates that milleniium could secure. They shoud continue to pay those rates to the citty. Millenium makes me sick. This project should ruin their company and put them in the poor house. Any concern for them is not warranted. They got into this out of greed and should pay the price. Any thought of taxpayers ensuring that these losers can drive around in their Bentleys is a joke. I am a taxpayer and I have no interest in one cent going to them. Go broke. Good on ya.


Mike C

February 18, 2009 - 3:54 PM
Flag this as Inappropriate

You can take the $750 million and build 20 prisons and 10 asylums with money left to run these places... AND enough to spare for a guillotine!


Ted

February 18, 2009 - 2:54 PM
Flag this as Inappropriate

After the Olympics we're going to be paying for this thing through our nose. Reality is Vancouver, or maybe even BC, is going to be in a lot of trouble after 2010. Only thing to get out of this is to GET OUT OF HERE. I'm moving to Toronto. Yeah, I'd rather put with up the snow then pay 15% PST and maybe a POT (Post Olympics Tax) of 10% even on air we breath.


DeeDee

February 18, 2009 - 2:13 PM
Flag this as Inappropriate

The city is not running anything. They now will lend the money to Millenium. Upon the sales of the units, the money will lovingly flow back to Millenium who will then pay out the city for the loan.