Vancouver city hall knew 20 months ago that Millennium Development’s Evelyn project was in trouble.
Financiers of Millennium’s dormant site behind West Vancouver’s Park Royal Shopping Centre asked a B.C. Supreme Court judge Wednesday to appoint a receiver, exactly a week after Ernst and Young took over the Vancouver Olympic Village because of Millennium’s $740 million debt.
“The city has been aware (of) the Evelyn Drive situation since approximately March 2009,” city manager Penny Ballem told 24 hours. “The city will follow these proceedings with interest. They do not change the course of the city's dealings with Millennium and the Maleks”.
Vancouver is among the respondents listed on the Nov. 24 action because of a lien on the property related to Millennium’s Olympic Village debt.
Peoples Trust Company and bcIMC Construction Fund Corporation claim Millennium owes more than $71 million plus interest from a mortgage due April 30, 2009. The court filing said the parties agreed July 28, 2009 to “take no further steps to enforce the security until after Oct. 15, 2009”. Two more extensions were given. Nov. 1, 2010 was the most recent deadline.
In an October interview about the Olympic Village troubles, Millennium co-owner Shahram Malekyazdi said lenders on other projects “have believed in what we've done and they have worked closely with us.
“We hope the City of Vancouver will also work closely with us to make (the Olympic Village) a success and ensure our other projects are not affected negatively,” he said.
