[SFUVancouver]

Vancouver pays off $81 million loan on the Olympic Village

By JEFF LEE, VANCOUVER SUN April 13, 2012

Vancouver paid down $81 million of its outstanding loan on the Olympic Village last year and registered a promising number of sales in the first four months of 2012, according to the city's 2011 year-end financial report.

The city will likely recover enough money over the next three years to repay the $434 million remaining on the $572-million loan it gave to Millennium Developments, which built the village on Southeast False Creek but then went into voluntary receivership in 2010.

"Everything seems to be moving in the right direction," Vancouver Coun. Geoff Meggs said Friday. "We've had good sales through the receiver this year — I think 28 so far — and [commercial] leasing is good and occupancy is high."

But that still won't get the city close to recovering the outstanding $175 million Millennium promised to pay Vancouver for the land in addition to the construction loan, Meggs said.

[more below the fold]

Read more: http://www.vancouversun.com/sports/V...#ixzz1s1xnrh4n

Later in the article it says they sold 177 units last year, which left 297 remaining at the end of December, 2011. Also interesting is that the City liquidated 10 of the 32 properties that Millennium put up as collateral on their outstanding loan to the City. This year they expect to sell all but one of the remaining properties.