Vancouver Mayor Sam Sullivan is not running for office in Saturday's civic vote. (CBC)

Vancouver Mayor Sam Sullivan has promised to disclose details of the $100-million loan offered to the Olympic Athletes Village for the 2010 Winter Games when the time is right.

In an open letter issued Tuesday, Sullivan said he felt "compelled" to formally address the issue that has stirred up a controversy in the last week.

"As mayor, it is my duty to reinforce a number of facts," he said. "City councillors and staff are legally bound to keep all property transactions confidential. That is the law."

Sullivan's letter comes four days before a municipal election in which the reported $100-million loan to prop up Millennium Development Corp., the company building the Athletes Village, has become a controversial campaign issue.

"Taxpayers are not well served by politicizing these sensitive discussions or conducting negotiations by headline," said Sullivan, who is not seeking re-election.

"As mayor, you have my word that the moment our legal team and negotiators signal that this information can legally be released, it will be without any delay."

Vancouver city council has drawn fire after news broke that in a closed meeting last month, a committee approved a $100-million loan to support the Olympic Village, where athletes will be housed during the 2010 Games. (CBC)

His political heir, Peter Ladner, has also defended the need to keep council decisions around funding issues private until negotiations are complete or documents have been given final approval.

Ladner said his copy of the confidential agreement, made in October, went missing and ended up on the desk of another city politician.

The details of the agreement were later leaked to the media, though city officials have not yet publicly confirmed the loan.

'Too many questions'

Ladner's opponent in the mayoral race, Vision Vancouver's Gregor Robertson, has promised that if elected, he'll hold an open meeting to update the public on the status of funding for the village.

"There are too many questions and not enough answers. Vancouver taxpayers need to know just how much risk they are exposed to through this project, particularly in light of changing economic circumstances," he said in an earlier statement.

The Athletes Village for the 2010 Olympics is being constructed on one of the remaining parcels of waterfront land in the city.

The Southeast False Creek development site comprises 32 hectares of land, seven of which will be temporarily transformed into the Olympic Village during the Games. The village, which will contain 15 to 20 permanent buildings and other temporary structures to accommodate athletes, will be a residential community but will also include commercial and retail space.

Earlier this year, Vancouver city council issued a $190-million loan guarantee to help prop up the project.

With files from the Canadian Press