Craig B. Rushton

By Jeff Lee, Vancouver Sun

VANCOUVER - City of Vancouver has bought out Fortress Investment Group's financing of the $1 billion Olympic Village, city officials announced Wednesday.

The city confirmed it bought out Fortress on Wednesday for a total of $319,494,235. It paid a $4-million buyout fee but says Fortress started at $56 million, went down to $19 million and finally to $4 million.

By Miro Cernetig, Vancouver Sun

VANCOUVER - Shahram Malek is not a man who seeks the spotlight. Nor does the intensely private Malek clan, whose members prefer all discussion about their lives and their global empire's finances to stay inside the family.

But he's heard the rumours, too - the family company isn't up to the task of building the $1-billion Olympic village. It won't meet the co ...

By Don Cayo, Vancouver Sun columnist

Critics of Vancouver city council's role in the Olympic village are spouting alarmist nonsense and taxpayers should relax, says former mayor Sam Sullivan.

Despite at least $125 million in cost overruns and the unexpected need for the city to underwrite up to $850 million (the project's full cost), "It won't add a dime to your taxes," Sullivan told me in ...

VANCOUVER -- Former Vancouver councillor, mayoral candidate and Downtown eastside activist Jim Green has been hired by Millennium Developments to help with its controversial Vancouver Athletes Village.

Green told The Vancouver Sun Monday afternoon that he will be working with the company on a six-month contract as it tries to get back on track with the troubled False Creek development.

"My ...

By Catherine Rolfsen, Vancouver Sun

VANCOUVER - Vancouver city staff want to start planning on financing the Olympic Village project directly after current lender Fortress Investment Group cut off funding to the developer.

A report written by director of finance Kenneth Bayne, made public Tuesday and to be considered by city council Thursday, requests authority to start talking with potenti ...

VICTORIA - The B.C. legislature has unanimously passed an amendment to the Vancouver Charter allowing the city to borrow unlimited funds to finance the Olympic Athletes' Village.

The amendment was passed after about 20 hours of debate during a rare weekend sitting called so that Vancouver could ensure the completion of the athletes' village in time for the 2010 Olympics.

Community Dev ...

VANCOUVER - Olympic Village project manager and Vancouver deputy city manager Jody Andrews resigned Thursday from his post, city manager Penny Ballem confirmed in a short memo to council.

Andrews, who has worked with the city for 18 years as a city planner before shifting to the role of deputy city manager, was the very public face of the Olympic Village project. Charged with aiding negotiat ...

City seeks urgent funding to finish Olympic village

By Jonathan Fowlie , Vancouver Sun

The B.C. government will consider changing the law to help Vancouver borrow $458 million for the Olympic village development if the city meets certain requirements, The Vancouver Sun has learned.

On Monday, city council unanimously passed a motion asking the province to change the Vancouver Charter to g ...

Vancouverites could be on the hook for hundreds of millions to guarantee Olympic Village loan

By Miro Cernetig, Vancouver Sun columnist

The news from Vancouver's Olympic Village is becoming dire. And next Thursday is the day this billion-dollar financial minefield could blow up for the world to see.

That's when the companies that are building Vancouver's billion-dollar Olympic Village hop ...