Calgary Olympic Bid Exploration Committee wraps up
With their mandate completed, the group of paid experts and volunteers are stepping down as the Calgary Olympic decision is in council's hands
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Although Calgary hasn't decided if it will host the 2026 Olympics, the committee in charge of deciding if such a move is feasible has called it quits after completing their end of the deal.
Effective Oct. 31, 2017, the Calgary Bid Exploration Committee is ceasing operations. In July, the group in charge of answering the should we, or should we not host the Games delivered their report.
The answer was yes, it's feasible, but more work needs to be done to determine if the city should invest the time, money and resources it would take to go forward with a formal pitch.
The 17-member volunteer board worked thousands of hours to deliver a feasibility study and master hosting plan to councillors – a 5,400-page report which hasn't yet been released to the public because it contains sensitive information.
CBEC estimated that to host the Olympics the city along with other federal and provincial partners would have to sink approximately $4.6 billion into hosting – $2.4 billion government coin, with a revenue draw of $2.2 billion.
That report has been given to city administrators, who will be the available experts to draw on, should the city secure the bid for 2026.
In the summer months, the city advised that five conditions needed to be met before the city dove into a bidding process – and if the conditions couldn't be met, they advised council pull the plug on the entire idea.
The principles are as follows:
1. Capital costs for the facilities to host the 2026 Winter Games should be shouldered by municipal, provincial and federal governments because they will benefit the community.
2. Security costs for hosting should be carried by orders of government outside of the city because it's an international event.
3. Operational costs shouldn't come down to the taxpayer and should be covered by ticket sales, sponsorship, broadcast and International Olympics Committee contributions.
4. There needs to be a financial structure to accommodate cash flow and debt level constraints for the city.
5. Any financial guarantees needed by the IOC should not be paid by the city, but by another order of government. If the city has to cough up those financial guarantees they have to be at acceptable levels, agreed on by the city.