As one reporter observed: "And then we came to the final funeral of the patient
as the last 67 suites were sold in a bulk deal for $91 million, funnily enough,
just before the upcoming 2014 election."
The final tally indicated that:
- Only $70 million was recovered on the remaining $170 million owed
by the developer on the original land purchase from the city.
- Therefore, taxpayers lost about $100 million directly attributable to
all the delays at the project's inception, followed by the things that the Mayor
had said to harm the project's value.
- As a matter of interest, that last $100 million could have built 1,000 social
housing units, or bought the whole Arbutus rail corridor.
- FCPL, the original developer, suffered losses on the project estimated at
$400 million separate from the losses incurred by Vancouver taxpayers.
- The final bulk purchaser paid $91 million to take direct control of the
original development company, which included the 67 remaining suites that
were worth about $71 million.
- The remaining $20 million was paid to acquire the estimated $400 million
in tax losses.
- Consequently, Canadian taxpayers are now paying for the city's mistakes because
about $104 million of otherwise payable income taxes 26 per cent
of $400 million may never get paid.
In September 2014, City Hall functionaries attended a celebration dinner to
congratulate themselves on their stewardship and final sale of the Olympic Village.
4. Notes by
5. Another controversial project in Vancouver