“Regular” Olympic Village Funding

This investigation spins off from an ongoing attempt to understand Vancouver’s Property Endowment Fund. The appended table provides ready, organized access to key city reports that outline expenditures on Southeast False Creek and Olympic Village. With each additional financial commitment, this phrase gets repeated: “Source of funding to be the Property Endowment Fund.”

A December 2008 report states: “The budget for the work completed or currently underway is approximately $110 million” (p. 2). That figure falls within the broad neighborhood of the $134 million calculated from reports in the appended table.

A total of $153.4 million for “site serving and amenity costs” is projected in an undated factsheet (apparently from 2008) titled Financing Plan for Southeast False Creek – Including the Olympic Village. The same figure of $153.4 million is cited earlier in Property Endowment Fund Pro Forma Update of October 2006. Page 9 offers this remark:

The net present value of the PEF expenditures in SEFC are currently $153.4 million – an increase of approximately 66% since the 2005 pro forma. [emphasis mine]

This suggests that at least $40 million more is yet to be spent on the SEFC site.
 

Dollars*	Date	Link to Report	Description
002,309,000	2006 May	20060502-a6.pdf	Six construction consultants (Morrow, Stantec, PWL, Levelton, Hayco, FVB)
019,309,000	2006 May	20060502-a6.pdf	Nine prior approvals (incl. Stantec, JJM, Ruskin, Quantum, Geopac, HAZCO)
007,847,000	2006 June	20060627-a14.pdf	Roads and utilities (BelPacific)
003,695,000	2006 July	20060711-a17.pdf	Steel sheet pile bulkhead and steel pipe piling (Fraser River Pile and Dredge)
001,000,000	2006 July	20060718-a19.pdf	Interim site servicing
005,483,000	2006 July	20060718-a19.pdf	Contract for shoreline construction (JJM)
000,500,000	2006 Dec	20061212-a32.pdf	Contract for supply of granite blocks (Bedrock Granite)
014,000,000	2007 Apr	20070501-a7.pdf	Contract C107 for waterfront construction (Wilco)
029,000,000	2007 June	20070626-a11.pdf	SEFC Community Centre design and budget
023,000,000	2007 July	20070724-a29.pdf	Contract C111 for First Avenue reconstruction (BelPacific)
010,770,000	2008 Jan	20080131-csb1.pdf	Salt Building restoration (Ruskin and SBR Corp)
001,500,000	2008 Feb	20080311-a3.pdf	Site servicing
000,245,000	2008 Feb	20080311-a3.pdf	Occupational health and safety coordination (Ian Mayall and Millenium)
004,200,000	2008 Feb	20080311-a3.pdf	Previous interim site requests p. 3 [20050512, 20061116, 20070130, 20070624]
008,500,000	2008 Sept	20080930-a17.pdf	Contract C113 for streetscape construction (Wilco)
003,000,000	2008 Dec	20081216-a11.pdf	Contingency for public spaces and infrastructure
134,358,000			Total as of 2009 Feb
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* Dollars rounded to nearest thousand

Investigation produced February 2009