Billion dollar baby

Billion Dollar Baby

If you happen to have the afternoon off, you can do no better than check out the hottest ticket in town at Vancouver City Hall.  “Billion Dollar Baby” might not be a movie (yet) but the based-on-a-true-story part is now playing.  At 2:00 pm today, Mayor Gregor “Disclosure” Robertson is hosting a special city council meeting about the fiasco at the Olympic Village.  It’s expected the meeting will go into “rescue plan” options, though it’s unclear how much detail will be provided.  Regrettably, I won’t be on-site to provide reports but I intend to scrape together an update by the end of the night.

A few things before I go: Over at the G&M, columnist Gary Mason is calling for an inquiry into the grand debacle.  For Gary, the stakes are high because it’s not just Vancouver, it’s Gary Mason’s Vancouver.  (Media people will get this joke.)  Meanwhile, Miro Cernetig, the Sun reporter with an inside man on West 12th, is hinting at disturbing new details.  According to Miro’s secret source, project financier Fortress Investment Group is entitled to “huge” penalty payments if the city attempts to refinance.  So if by some miracle the province or the feds choose to lend us money at a better interest rate, Fortress may be in line for a $100-million bonus.  My apologies to those who just read that and threw up.

My apologies, too, to those who never wanted to see Larry Campbell’s mug atop Hilary Swank’s bod.  I admit that isn’t for everyone.  Sorry for any inconvenience.

Photo credit: Condohype/Tris Hussey/Mike Tippett

23 Responses to “Billion dollar baby”

  1. condohype Says:

    Tris Hussey took the photo of Gregor Robertson, Mike Tippett the shot of Larry Campbell. The bad photoshop job is all me.

  2. anon Says:

    Why apologize? It’s an improvement…

  3. islander Says:

    Inquiry? Criminal investigation is more like it.

  4. Montery Says:

    The Face of Larry Campbell is too far forward of the shadow mask if you follow the jaw line. You’ve now created some sort of Dr. Who type alien monster.

    That’s who we need to solve this predicament! Dr. Who!! 🙂

  5. The Urban Dweller Says:

    Wicked photoshop job! At least you can use that. I’m still trying to figure that damn thing out!! On the whole village thing, I’m hearing murmurs that the Millennium has put up its other Vancouver properties as collateral, if thats the case wouldn’t the city get their properties and that would somewhat mitigate the losses. This thing is a tricky one.

  6. Van-zee Says:

    “do you believe?”

    In all of this the 2010 games and sponsors have yet to engaged most of the city and region in an emotional way . The initial push was done well and they engaged the city with the idea of the games and legacies. When the really big money started rolling in the PR of games just got too quiet.

    The human element and the value of the games was dropped as it seemed that the business of meeting milestones and budgets were priority. There has been a void in the conversation and that is going to be filled with a business story and not one of the games as a cultural event that can help shape the city in a positive way.

    Maybe the city and region was blinded by the possibility of turning a profit or gain from the situation and simply not listening to anything else. I think by the time the push comes to sell the games again it may be too late. The conversations we’re having ourselves have already started to solidify public sentiment towards the “games”.

  7. jesse Says:

    “Fortress may be in line for a $100-million bonus”

    Nobody can say that Vancouver isn’t playing in the big leagues now. How does that straight-arm to the face feel, Vancouver? 😆

  8. GhostRider Says:

    Thanks again, CondoHype… for scintillating analysis/sardonic wit… and especially, today’s ‘one-sheet’ (you have surpassed yourself)….

  9. vomitingdog Says:

    I’m going to puke. The idiots at City Hall obviously believed that real estate only goes up and that little pink ponies trot down 12th Ave in this special city removed from the history of economic cycles. Why else would they agree to pay out Fortress if they were to re-finance?

  10. jojuchst Says:

    For the city to host the Olympic is similar for a family to host a party.
    When was the last time that you get to use your neighbour’s house to host a party and don’t need to worry about the cost of the setup and preparation?

    I will come and use your house to host a grand party. I need you to setup and prepare your home to our standards, according to your timelines. If you run out of money then you must sell your 1st born to cover for it. All I will promise is that your house will attract a lot of attention for a period of 1 night.

    Shouldn’t the Olympic pay hosting cities money to use their facilities? Make sure they don’t break anything and put things back to their proper place when they are done? If they don’t then they, the IOC, gets a cleanup bill?

    I personally don’t understand why cities all line up and fight for a spot to host the Olympic. It’s all hype and emotion driven.

  11. Carioca Canuck Says:

    Didn’t ALICE COOPER make a song based on this fiasco ? Is he the new Nostradamus ?

    Calgary had a conservative mayor oversee their 1988 winter olympic budget………and, look what happened to Vancouver with a socialist mayor.

    SNORT !!!!

  12. RossK Says:

    jojuchst asked…..

    “Shouldn’t the Olympic pay hosting cities money to use their facilities?”

    In a word?

    Yes.

    ______
    and sorry for the streetwalking c’hype – I just couldn’t resist on this one.

    .

  13. Smitty Says:

    Is Fortress also backing the Pier Development in North Vancouver? Its been quiet at the site for weeks.

  14. Smitty Says:

    If Vancouver is paying for this why not just fill the suits with Vancouvers homless? 😉

  15. blueskies Says:

    Its been quiet at the site for weeks.

    …things always get really quiet just before
    they “blowed up real good”……

  16. K-Money Says:

    Wow, what a deal for the developer.

    A: they will make millions

    or

    B: they will make millions

  17. Little Says:

    Dumb question… Haven’t the liberals been bragging about a budget surplus for the last few years? What about that money? Someone enlighten me, please.

  18. jesse Says:

    Little, the budget “surplus” wasn’t as large as you think because of the way they perform accounting for capital projects. Besides it is quite possible there will be a deficit for 2009.

  19. Urban Dweller Says:

    The Liberal government projected huge surpluses. The last I hear is that it dwindled to around $400 million or something. However, it should be noted that they have sold parcels of land in North Eastern BC to companies such as Encana for Natural Gas development. The amount of that is in the billions but they can’t include all of that in the budget due to revenue recognition accounting or something like that.

    Long story short, lets sell that land up North 😉

  20. VancityAllie Says:

    Such a shame.

    As for that Photoshop job.. LOL.

  21. Tris Hussey Says:

    Sweet! I’m part of a parody! Awesome. Great stuff.

  22. Larry Yatkowsky Says:

    Dang it, If they’d only asked. All they needed was a realtor familiar with speculation to write the agreement and all would be good in Whoville. :>)))

  23. Jackie Says:

    Awesome photoshopping, condohype. Best thing I’ve seen all morning.

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