The Canadian Press reports Vancouver city councillors approved a report from their director of finance Thursday that suggests the city of Vancouver should take over the remaining cost of building the Athletes’ Village in time for the Vancouver 2010 Winter Olympic Games.
The project’s original lender stopped payment on its loan to developers in the fall.
The report to council said assuming control would save on high interest costs and ensure Vancouver met its commitment to VANOC to complete the village on time.
Some residents and activists criticized the decision, saying they are convinced taxpayers would be left to pay for the development if the units can’t be sold at the right price.
Chris Shaw of 2010 Watch told city council during the debate on the report that the village construction problems are “a scientific experiment gone bad”. He also suggested that the Athletes’ Village take on a higher component of social and affordable housing once the Games are over to ease the problem of homelessness, urging councillors to approach the provincial and federal governments for financing, selling the idea as a significant way for those governments to deal with homelessness.
