Vancouver Coun. Raymond Louie says someone purposefully gave out wrong information to tarnish his reputation. (CBC)

Vancouver Coun. Raymond Louie, who represents Vision Vancouver, is threatening legal action against a local TV station for reporting what he calls "misformation."

Louie, who is running for re-election in Saturday's civic election, held a news conference on Wednesday, where he told media representatives that "wrong information" in the Global TV report has smeared his reputation and called his character into question.

The report concerned a confidential document belonging to Coun. Peter Ladner that went missing after an Oct. 14 in-camera meeting at City Hall, and then turned up a few days later on a desk in the councillors' offices.

The document is widely believed to be the source of a media report last week that revealed council's decision to loan $100 million to Millennium Development Corp., the developer of the Olympic Athletes Village for the 2010 Games.

'Someone at city hall is maliciously putting out false information to the media in an attempt to destroy my reputation.'— Raymond Louie

Louie said the story, which aired on TV, was "baseless and damaging," and "casts aspersions on me."

"I did not break in-camera confidentiality, and I am considering legal action over the insinuation that I had any involvement with regards to Coun. Ladner's in-camera document."

Since details of the bailout were made public, council has been criticized for the secrecy surrounding approval of the money, which was to come from the city's property endowment fund, estimated to be $2.7 billion.

The missing document reappeared on Oct. 16 on the desk of another councillor in the councillors' offices, which were secured and required a swipe card to enter. The TV report suggested that Louie was alone in the offices when Ladner's report turned up.

"Someone at City Hall is maliciously putting out false information to the media in an attempt to destroy my reputation," Louie said at Wednesday's press conference.

"They go far beyond campaign politics and are attempts to tarnish my personal integrity. These unfounded and untrue allegations need to stop now."

Mayor Sam Sullivan on Wednesday asked Vancouver police to investigate what he called an "internal theft."