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.