Vancouver is moving ahead with a plan that could see it take over funding of the Olympic Village.
City councillors voted unanimously Thursday to cover a fifth emergency draw that will keep construction rolling on the roughly $1-billion development.
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The advance will be paid in mid-February and will be taken from developer Millennium’s $29-million deposit.
The city’s director of finance will work out a plan to issue debt and to create “banking facility,” allowing the city to borrow money from a different lender at interest rates of about five per cent – significantly less than its current 9.5 per cent rate.
Vancouver has already paid $100 million to cover construction costs after financier Fortress Capital stopped advancing funds to the project in the fall.