Olympic village draining city’s cash reserves

Globe 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.

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