Olympic Village Update - October 2009

Olympic Village site headed towards completion; KPMG report released

Vancouver City Council was presented on October 6, 2009, with an update on the Southeast False Creek Olympic Village Development which confirms the Southeast False Creek project is expected to be completed on schedule.

View KPMG report (462 kb)

Previous updates

June 2009 - Olympic Village - release of in-camera Council reports

The following in-camera reports have been released in response to the February 3, 2009, City Council resolution authorizing “…the release of all in-camera reports and minutes relating to the Southeast False Creek community/Athletes’ Village site, subject to the advice of our legal counsel and except for any reports relating to current financing negotiations.”

• Property Acquisition for 125 West 1st Avenue (47 kb)
  (Council decision date: May 1, 2007 )
  
• Interim Financing Agreement for the Development of Area 2A (64 kb)
  (Decision date: May 17, 2007)
• Project Financing for the Development of Millennium Southeast False Creek Ltd.’s Buildings within Southeast False Creek Area 2A (85 kb)
  (Council decision date: June 26, 2007)
• Approval for Construction Agreements on the City’s Parcels in Southeast False Creek Area 2A (Parcels 2, 5, 9 and 11) (109 kb)
  (Council decision date: December 13, 2007)
• Southeast False Creek and Olympic Village Financing Considerations (92 kb)
  (Council decision date: October 14, 2008)

A small number of outstanding in-camera documents relate to current financing negotiations, and will be released when negotiations are concluded.

February 18, 2009

Mayor Gregor Robertson announced that the City of Vancouver has bought out Fortress financing of the Olympic Village project, with minimal prepayment penalties. The City is now pursuing more competitive, advantageous financing terms for the project.

View City Manager’s February 18 presentation (43 kb)

Read Mayor’s February 18 statement (43 kb)

January 20, 2009

Mayor Robertson announced the creation of the Mayor’s Advisory Group on the Olympic Village (MAGOV). Comprised of development-sector experts, the group will advise the City during the upcoming completion phase of the Olympic Village project. Learn more

January 12, 2009

Mayor and Council held a Special Council Meeting to present the Olympic Village Public Information Update. View meeting minutes, agenda and video from this meeting

Background reference material

Bid Book (2002)

Outlines Vancouver’s bid to host the 2010 Winter Games. Learn more

Host City Contract (2002)

Outlines the City’s obligations as Host City. Learn more (5 mb)

Multi-Party Agreement (2002)

Outlines Vancouver’s commitment to build an Olympic Village and VANOC’s contribution of $30 million to the Olympic Village project. Learn more

Southeast False Creek Official Development Plan (2005; amended April 2007)

The agreement and framework for policies, by-laws, and programs. Learn more

Selection of a Developer for Sub-Area 2A of Southeast False Creek (April 5, 2005)

Outlines selection of Vancouver-based Millennium Properties Ltd. to design and construct the buildings for the first phase of Southeast False Creek and Olympic Village development. Learn more (550 kb)

Statement of Financial Information 2007

Provides notes on contingencies and commitments for the consolidated financial statements of the City of Vancouver for 2007. Learn more (2.5 mb)