Campbell to recall legislature to handle Olympic Village crisis

The B.C. legislature will be recalled as soon as possible to deal with Vancouver's request for an amendment to the city charter so that it can borrow money to complete the Olympic Athletes Village, Premier Gordon Campbell said Wednesday.

Campbell said he received the official request Tuesday from Vancouver Mayor Gregor Robertson, and the province is willing to move fast.

"As soon as the amendment is appropriately drafted … it will be introduced in the legislature before Feb. 10," Campbell said.

The premier said it is an urgent situation, and he hopes the legislation gets speedy passage in the legislature.

Vancouver wants its charter amended so that it has the authority to borrow money it requires to complete the development project.

The city is on the hook for $875 million in development costs for the village. It has been covering the construction cost since October when New York-based Fortress Investment Group, the funder of the Olympic Athletes Village project, stopped advancing funds to Millennium Development Corp., which is building the village.

Fortress had lent $317 million to Millennium before stopping the loan. The city's $100 million bailout, approved last October during an in-camera meeting, will be used up later this month.

That means the city has to come up with $458 million soon in order for construction of the Olympic Village to continue and be completed by this fall.