According to the city's business manager, Vancouver has secured $550 million worth of credit from a Canadian banking syndicate that's good for up to four years.

The money is intended to cover remaining construction on the village and other costs until the city can sell off the units and make the money back.

The city began taking control of the project late last year when the existing lender stopped advancing money from its original loan to the developers.

That loan was taken over by the city in February but there was still $450 million worth of construction remaining that needed to be paid for.

In addition to the credit facility, officials are seeking to issue $150 million in short-term notes. Despite a dip in Vancouver's credit rating, they are confident they'll be able to raise the cash.