Vancouver 2010 Faces Financial Trouble

Although officials previously assured that progress for the Vancouver 2010 Winter Olympics was on track, officials are now seeking emergency funds to finish the construction of the main Olympic athletes’ village.

Private financing has allegedly been stalled, and in order for the Village to be finished on time Vancouver residents may face higher taxes.

Prior to the collapse of the housing market, the plan for the athletes’ village was for a private developer to build 1,100 flats, which would then be sold after the Games for a profit. But rising house prices, along with the current economic problem has resulted in the developer and the private American firm financing the project to disagree over the next payment to continue construction.

While city officials have loaned money to the project for now, they are hoping to borrow C$458m. However, the city is not authorised to borrow funds without taxpayers consent.