Tuesday, June 15, 2010

Millennium Keeps $3,000,000.00

Millennium Says Nothing Is Owed City

It should come as no surprise that Millennium Development has taken the position they will not refund the $3 million they were paid to manage the convention centre and construction of a new hotel.

The whole deal fell apart when Millennium was unable to get funding for the hotel component which hinged on vastly over priced condominium units it had hoped to sell.

It is reported in the local press that the city will consider suing Millennium to recover the money, however the likelihood any good would come from that is slim.


1 comment:

  1. The city filed suit against Millennium and Suro (what happened to Triarc?) in the Supreme Court of British Columbia for the recovery of $3, 045,058.02 on June 15, 2010. At best we get our money back, at worst the case should demonstrate the kind of due diligence that the city put into the matter. [Court File No. NAN-S-S-60133]


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