The group that wants Calgarians to support a bid for the 2026 Winter Olympic Games has released its own numbers on the event.
Yes Calgary 2026 says the numbers show landing the Games won’t break the bank at city hall.
The group used a noon-hour luncheon Thursday with the Calgary Booster Club to present its own estimates.
It says it pulled together the figures from various existing sources like the Vancouver 2010 organizers and Calgary’s bid exploration committee.
Yes Calgary says the 2026 Olympic and Paralympic Games could cost $5.8 billion.
Net cost estimated to be $3.3B
However, it believes $2.5 billion in revenues are possible, making making the net cost $3.3 billion.
That figure must be covered with money from the federal, provincial and municipal governments.
We think … the number that Calgary taxpayers will be responsible for in 2026 will be off-set by the benefits that will be derived.– Emma May, Yes Calgary 2026
While negotiations between the governments continue, Emma May with the group says they expect a funding deal that requires approximately 50 to 55 per cent coming from the federal government, 30 to 35 per cent from the province and 15 per cent from city hall.
Using that math, Calgary’s share would be about $500 million.
“We think that actually when you break this down, that the number that Calgary taxpayers will be responsible for in 2026 will be off-set by the benefits that will be derived,” said May.
These are the first Olympic cost numbers to circulate since the Calgary Bid Exploration Committee’s report was tabled last year.
It estimated the 2026 Olympics and Paralympics would cost $4.6 billion.
Next week, city council will hear the updated version of the Olympic plan and costs prior to deciding whether or not the bid work should continue.
A council vote to halt the project would also head off the need for a plebiscite on Nov. 13, which will ask Calgarians if they want the bid to go ahead.
“We’re really trying to fill that void right now with as much clear, focused information as we can and get council to give us the opportunity to have that public vote on it,” said May.
Future cost for sport facilities a factor
Yes Calgary 2026 says the city’s future costs for new sports facilities and upgrades could be even higher than the bill for an Olympics if it doesn’t land the Games.
“They’re going to need to be upgraded over the years, so why would we not bring this as part of the bid process and get the benefit of the Games as well as updating all of our current infrastructure,” said May.
The $5.8-billion cost of the Games breaks down like this:
- $2.5 billion for running the Olympic and Paralympic Games.
- $1.1 billion for new facilities and upgrading existing facilities.
- $1 billion for security.
- $1 billion for housing.
- $200 million for an endowment to maintain Olympic facilities into the future.
The group said anticipated revenues for the Games are $2.5 billion, including $1.2 billion from the International Olympic Committee and money from ticket sales.
Coun. Druh Farrell, who has opposed an Olympic bid, said all Calgarians need accurate numbers so there can be decisions made.
When asked if these numbers sound plausible, she said “I can’t say.”
Coun. Sean Chu took to Twitter to react. He questioned where Yes Calgary 2026 got the figures.
“These were all confidential and we were told NOT TO DISCLOSE,” he tweeted.
How interesting. Where & how did she get all these financial information? Guess only if you know friends in high places. These were all confidential & we were told NOT TO DISCLOSE! <a href=”https://twitter.com/hashtag/yyc?src=hash&ref_src=twsrc%5Etfw”>#yyc</a> <a href=”https://twitter.com/hashtag/yyccc?src=hash&ref_src=twsrc%5Etfw”>#yyccc</a> <a href=”https://twitter.com/hashtag/calgary?src=hash&ref_src=twsrc%5Etfw”>#calgary</a> <a href=”https://t.co/Roek2bUhx0″>https://t.co/Roek2bUhx0</a>
When asked by reporters if the numbers were accurate, Chu said he couldn’t comment.
But could Calgary could afford $500 million for this project? Chu said no, given the city’s financial position.
A four-year budget plan will be presented to council in November.
“City manager Jeff Fielding is already saying citizens get ready, services cuts are coming. We add on more debt, $500 million? How many services would you like to be cut?” asked Chu.
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Sherwood Park is a large hamlet in Alberta, Canada within Strathcona County that is recognized as an urban service area. It is located adjacent to the City of Edmonton’s eastern boundary, generally south of Highway 16 (Yellowhead Trail), west of Highway 21 and north of Highway 630 (Wye Road). Other portions of Sherwood Park extend beyond Yellowhead Trail and Wye Road, while Anthony Henday Drive (Highway 216) separates Refinery Row to the west from the balance of the hamlet to the east.
Sherwood Park was established in 1955 on farmland of the Smeltzer family, east of Edmonton. With a population of 70,618 in 2016, Sherwood Park has enough people to be Alberta’s seventh largest city, but technically retains the status of a hamlet. The Government of Alberta recognizes the Sherwood Park Urban Service Area as equivalent to a city.
Sherwood Park, originally named Campbelltown, was founded by John Hook Campbell and John Mitchell in 1953 when the Municipal District of Strathcona No. 83 approved their proposed development of a bedroom community east of Edmonton. The first homes within the community were marketed to the public in 1955. Canada Post intervened on the name of Campbelltown due to the existence of several other communities in Canada within the same name, so the community’s name was changed to Sherwood Park in 1956.
The Sherwood Park Urban Service Area is located in the Edmonton Capital Region along the western edge of central Strathcona County adjacent to the City of Edmonton. The majority of the community is bound by Highway 16 (Yellowhead Highway) to the north, Highway 21 to the east, Highway 630 (Wye Road) to the south, and Anthony Henday Drive (Highway 216) to the west. The Refinery Row portion of Sherwood Park is located across Anthony Henday Drive to the west, between Sherwood Park Freeway and Highway 16. Numerous developments fronting the south side of Wye Road, including Wye Gardens, Wye Crossing, Salisbury Village and the Estates of Sherwood Park, are also within the community. Lands north of Highway 16 and south of Township Road 534/Oldman Creek between Range Road 232 (Sherwood Drive) to the west and Highway 21 to the east are also within the Sherwood Park urban service area.
Originally posted 2018-09-06 18:52:16. Republished by Blog Post Promoter