Whistler 2020 Development Corporation is one step closer to paying off a $100 million loan by its deadline next year.
The Riverbend market housing units up for sale by the corporation have sold out, pending final closures of a few sales, and resulting in revenues of $14 million.
The corporation's president Eric Martin said those funds would be applied against a $100 million loan from the Municipal Finance Authority taken out in 2008.
"Through the sale of the resident-restricted housing, which is now fully sold and occupied, we paid off $83 million of the loan," Martin said. "With the Riverbend units (sold) it is going to be paid down to $3 million, which is quite an accomplishment.
"That is pretty good news as we really started selling in 2010."
The loan from the MFA allowed for the construction of the housing for Olympic athletes during the 2010 games.
Afterwards one of the buildings became a hostel and another 200 units sold as resident-restricted housing. Another building was turned over to the Whistler Housing Authority for employee housing.
Those transactions resulted in $83 million of loan repayment and with addition of the Riverbend selling out the total levied against the loan is $97 million.
Martin said the Corporation, which is wholly owned by the Resort Municipality of Whistler, has until June 2013 to complete repayment of the $100 million.
"We have a year to pay that ($3 million) so we think we can do that quite comfortably," he said.
The remainder of the loan repayment will be generated from selling three commercial units in one of the buildings and a number of fully serviced market lots and land parcels.
Vancouver has paid down $81 million of its loan for that Olympic Village and has $434 milling left to pay off.