SBD/April 11, 2011/Facilities

Facility Notes

Vancouver Games Olympic Village expected to have a shortfall of C$40-50M
VANOC officials on Friday said that the Olympic Village used during the '10 Vancouver Games “will have a shortfall” of between C$40-50M “after all the units are sold and the construction loan paid off.” In Vancouver, Jeff Lee noted the shortfall is the “first concrete confirmation that the city is unlikely to recover all” of the C$578M it is “still owed by the former owner, Millennium Developments.” But the figure is “far better than initial estimates” by Vancouver Mayor Gregor Robertson in '08 that the city was "on the hook" for the entire cost of the C$1B village. City officials said that it is “still too early to tell what the exact shortfall will be,” and Lee noted that will “largely depend upon how strong the condo market remains” (VANCOUVER SUN, 4/9).

ALL IN FAVOR: In L.A., Rich Connell reports in a “political twist few officials appear to have anticipated,” AEG’s proposed downtown NFL stadium “could require an approval from the Los Angeles County Board of Supervisors, not just officials at City Hall.” A review of records “spanning nearly half a century of financial and development issues involving the Los Angeles Convention Center, where the stadium would be built, shows that the county board has had to consider and vote on a range of city proposals involving the complex.” If the Convention Center accord requires changing, L.A. Special Assistant City Attorney Jane Usher said "both the city and the county must sign off." City Hall talks on a final stadium proposal "could take months" (L.A. TIMES, 4/11).

MUM'S THE WORD: Twins Owner Jim Pohlad said that he is “excited about an idea he has to further enhance” Target Field next year, but he “wants to keep it a secret and hasn't even revealed it to team management yet.” He said that he “first wants to make sure it would be approved.” Pohlad: "Last year was (generation) G1, this year is G2 and next year will be G3" (ST. PAUL PIONEER PRESS, 4/10).
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