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Vancouver's Olympic Village is at least $131 million over budget & it's unclear how much the city might lose when the $1-billion project is sold on the real estate market.
Taxpayers are on the hook for hundreds of millions in loan guarantees to ensure the project is finished on time for the 2010 Games.
Delays & cost overruns pushed its budget from $950 million to at least $1.08 billion.
It's lender froze the loan because of the soaring costs that threatened profitability.
Originally posted by mkross1983
reply to post by The Change Weenie
I don't know, I've wondered that myself.
If it always means negative revenue for your city why host it? Unless you have a LOT of pride in hosting it I guess, idk.
Originally posted by juniperberry
When the Olympics were awarded to Vancouver back in 2002, there was no indication that the world economy was going to go to pot.
[edit on 2009/10/7 by juniperberry]