Wednesday, January 14, 2009

Millennium Hotel Deal Still News

City Council Grants another 7 Day Extension

City Council recently agreed to extend the deadline to Millennium from Jan. 19 to Jan. 26 to "account for lost days over the Christmas period".

Is this council any different from the last? What in the world makes them want to keep accommodating these guys? These are the same guys running the Olympic Village deal in Vancouver which could see that city on the hook for over $500 million to finish that project.

Another 7 day extension ---- they have missed deadline after deadline and their ability to ever perform is questionable at best, so why give them yet another extension. Does Millennium really have the City over that big of a barrel?

It was reported in a recent article in the Bulletin that a spokesman for Millennium said the recent design submitted allowed for at least one third of the hotel to be condo suites that are permanently or semi-permanently occupied. If that is the case, just how many 'rental' rooms are they required to build in order to satisfy the need to help the PNC succeed with larger conventions?

It seems this council, just like the last, is doing everything they can to play softball with this company even though they sounded like hardball players during the election.

Remember Millennium has already been paid $3 million of your money which is in default if they don't build the hotel. The city has said they would have to sue Millennium to recover this $3 million, but that only works if Millennium is solvent.

For the answer to that, just take a look across the pond to Vancouver!

Related Links:
Development Permit Application
Plans for Hotel or Condominium?
Council Gets Serious with Millennium
Millennium Deal is Dead


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