City Council wants the Provincial Government to amend the Vancouver Charter so that the City can borrow $458 million to pay for cost overruns on the Olympic Village. While Gordon Campbell says that his government is open to the idea of dropping off the oversized credit card at 12th and Cambie, the last thing the Premier wants to do is recall the Legislature pass the necessary legislation, not with NDP Leader Carole James calling on the Auditor General to investigate exactly what was agreed to and who's going to pay for it.
This page is wondering why Victoria couldn't just front the money, especially since the Premier has staked so much of his government's credibility on a successful skate n' ski party. The amount the City is trying to secure is not that much more than the $365 million for upgrades to BC Place Stadium, the biggest upgrade being a retractable roof. Can anyone explain to this page a stadium which is home to 10 CFL games (and hopefully 15 or 16 MLS matches in 2011) need a retractable roof? Just take the roof and don't replace it with anything: It's only baseball that rains out, unless you're in Seattle where the American League's Mariners paid for their own rollaway roof at Safeco Field. Wouldn't the BC. Lions and Vancouver Whitecaps want to sell their supporters a few souvenir sweatshirts, jackets, hats to keep warm while watching their favourite teams?
As far as ancillary events that take place at BC Place are concerned, we're building a shiny new convention centre on the waterfront, and a big speed skating oval in Richmond in anticipation of the 2010 Rapture. I'm sure some of the action can be shovelled in those directions. Boat Show patrons could try out their new purchases on the Fraser River rather than False Creek.
If anything, the $458 million will buy something for the people of Vancouver: a crystal-clear illustration that Public-Private Partnerships simply don't deliver the kind of value for taxpayers that their proponents insist they do. The current economy dries up credit on the private side, which in turn threatens the credit rating of governments on the public side.
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