$100 Million Loan Causing All Kinds of Controversy

Millennium Development Corporation, the contractor responsible for the 1100 unit Olympic Village along South False Creek, rang into some financial troubles and was struggling to meet deadlines. As such, it solicited some help from the government, getting a $100 million loan from the City of Vancouver so that it could complete the $1 billion project and meet the construction deadlines.

This $100 million loan, however, has caused a lot more trouble that possibly what it's worth. This is because the discussion and approval of the cash infusion from the government happened in secret and behind closed doors. The lack of transparency is more the cause for concern than the actual money itself, because the public is growing increasingly worried about what other Olympic dealings are happening behind closed doors without our knowledge.

The fallout has been intense and significant. A top city finance officer has resigned, thee are reports of stolen loan documents from city offices, and stories have popped up about political contributions from the developer. Sounds almost like what happened to Glen Clark years ago, eh?

Seattle Times

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$100 Million Loan Causing All Kinds of Controversy

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