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Vancouver on hook for Olympic Village

Jan. 11, 2009 at 1:36 AM   |   Comments

VANCOUVER, British Columbia, Jan. 11 (UPI) -- The Olympic Village for the 2010 Winter Games could be an expensive proposition for Vancouver taxpayers, now that a lender has pulled out.

Mayor Gregor Robertson said Friday Vancouver is committed to funding the project under an agreement signed by the previous mayor and council, the Canadian Broadcasting Corp. reported. Unless the city can convince Fortress Investment Group, a New York hedge fund, to reopen the flow of funds or find another source, Vancouver might have to provide as much as $875 million Canadian ($735 million U.S.).

"We cannot turn back the clock of the actions of the last mayor and council. We are financially and legally committed to completing the project," Robertson told reporters.

The village being built by Millennium Development Group has been troubled by cost overruns that increased the price by almost 20 percent.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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