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Yes, you definitely have VANOS cam phasing.
It is pretty expensive to replace the VANOS system. I am not aware of any means to repair it, but perhaps there is a sensor related to it that can be replaced. You might have some luck googling, or heading to a BMW-specific discussion, to see what others have done when this type of error occurs -- any discussion of this code using a double VANOS equipped engine produced within 3-5 years of your 2000 is probably relevant.
Odd personal note, the prospect of a VANOS repair for >$2,000 on my '95 M3 is why I sold it. However that car was running just fine, no codes, but VANOS was making a chattering noise. It was probably 6 months from serious issues. ;)
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