Former Mayor Sam Sullivan is breaking his silence and commenting publicly for the first time since completing his term in Mayor in November, as a CityCaucus.com exclusive. His choice of topic for our next guest editorial is everyone's favourite whipping post, the Olympic Athletes Village developed at Southeast False Creek. Check out the Vancouver Sun tomorrow where Don Cayo sits down for an in-depth interview with the former Mayor.
In my fifteen years at Vancouver City Hall I have witnessed the Property Endowment Fund (PEF) make about $1.5 billion in real estate profits for Vancouverites. The PEF is the envy of cities from around the world, and it has created financial security for our city that you, me and the rest of the citizens of Vancouver will continue to benefit from.
What have you heard about this fund over the past 15 years? Probably nothing. No headlines. No press releases. An investment that has been extremely well-managed by our civil service, quietly accumulating hundreds of millions of dollars of value on behalf of the citizens of Vancouver is just not an item that will make the front page. But it's a great success story.