Olympic village draining city’s cash reserves
Friday, April 17, 2009 : PermalinkGlobe and Mail – The multimillion-dollar bills continue to creep up on the Olympic village project.
The city has stashed $25-million into a contingency reserve for the project, while its property endowment fund has now disbursed $100-million for the city’s own "public-realm" improvements for the new neighbourhood.
Those amounts are on top of the half a billion dollars that the city had lent to the private builders of the Olympic village by the end of last month, which is about two-thirds of the $860-million the project is anticipated to cost by the end.
Tags: 100-million, billion-dollars, contingency reserve, dollar bills, endowment-fund, globe and mail, improvements, lent, multimillion dollar, neighbourhood, olympic village, private builders, two-thirds
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