The City of Vancouver has taken over as much as $70 million in property from the developers of the former Olympic Village, but taxpayers are still on the hook for millions of dollars.

As part of a restructuring deal, the developer Millennium has handed the city control of 32 properties in the Lower Mainland and Ontario, including a heritage office tower on West Hastings Street and two North Shore buildings containing a Starbucks and a Shoppers Drug Mart.

Just a few months ago, Millennium's debt to Vancouver taxpayers for the Olympic Village was $740 million, but the city now expects to recoup all but $40 or $50 million of that.

"The losses have been significantly mitigated -- we can't say to exactly what degree -- but I don't see a point here myself where we're going to make money on this project," Coun. Geoff Meggs told reporters Friday.

"Obviously, we'd love to recover 100 per cent, we'd love it if Millennium was in business and paying us the loan on time instead of in a negotiated receivership."

The troubled Olympic Village development was placed in receivership with Ernst & Young in November after coming up $8 million short on a $200-million loan payment.

City manager Penny Ballem said the receiver has given Vancouver control of as many Millennium properties as possible in an attempt to make good on the loan.

"We would hope that maybe there was more out there that could be accessed but ... we've accessed everything possible," she said.

Tsur Somerville of the University of B.C. Sauder School of Business points out that while the city's new assets are a step in the right direction, there are still more than 300 units left empty in the Village.

"There's still a whole bunch of questions. It's not money in the City of Vancouver books," he said.

"We should be as concerned as we were last week. The only thing that we, in some sense, have a little clarity on is that the property and other assets that Millennium signed over to the city, we've got details on those, some sense of what they might be worth."

With a report from CTV British Columbia's Maria Weisgarber