Bid Corp. CEO outlines $600 million worth of Olympic facilities
It will cost at least $600 million to build and fund the must-have facilities for the 2010 Olympic Winter Games.
For the first time CEO of the Vancouver Whistler 2010 Bid Corp., Jack Poole, this week outlined the scope of facilities and the legacies the Games would leave behind.
Included in the cost are new arenas, Nordic, and alpine facilities, centres for the media, including print, photography, and broadcast, facilties for the paralympics and compensation and endowment packages.
The $600 million does not include the cost of improving the Sea to Sky Highway, the construction of a new convention centre in Vancouver, or any improvements in transportation from the international airport in to Vancouver.
It is estimated that the Games will cost $1 billion to run. But, said Poole, all of that money is expected to be recouped through tax revenue, TV rights, merchandising, sponsorship, and ticket sales.
He said 62 per cent of the world's population tuned in at some point to television coverage of the Sydney Olympics.
"We expect to make $100 million," said the 68-year-old retired developer.
But he also admitted if things went wrong the Games could cost $100 million.
"In the end who would pay for that?," said Poole. "Well, that would be the government."
Quoting a provincial government economic study due to be released in January, Poole said the Olympics would create the equivalent of 68,000 jobs for one year.
It is now expected that the bid will cost $34 million, $5 million of which is dedicated to the Legacies Now program, which supports athletes. Until recently the bid had been estimated to cost $23 million, plus another $5 million for the Legacies Now program.
If the bid raises more than the $34 million the surplus will be funnelled into the Legacies Now program
The 2010 Olympic Bid Corp. was promised $9.1 million this week in the federal budget, matching the amount already funded by the provincial government and Crown corporations.
Finance Minister Paul Martin, following the announcement of a $2-billion infrastructure program, said the proposed Vancouver convention centre and transportation improvements from downtown to the airport would be ideal projects for the fund.
While a new Vancouver convention centre is not a must for the bid Poole said having it under construction when the International Olympic Committee tours the venue sites in February 2003 would be great.
"Clearly it would help the bid," he said.
Poole does not believe any big changes are needed in transportation within the Lower Mainland.
"We could handle these events today here," said Poole.
But he said of the improvement to the Sea to Sky Highway: "We don't have a bid unless the road is worked on."
He said the provincial government is well aware of this and is working on a plan that may include upgrading the highway to three lanes from Squamish to Whistler and increasing the number of passing lanes between Horseshoe Bay and Squamish.
"The province is well aware of what needs to be done," said Poole.
There is also some discussion of putting a toll on the improved Sea to Sky Highway. Residents along the highway may not have to pay the toll, said Poole.
Whistler Mayor Hugh O'Reilly, said he was not opposed to tolls but they had to be considered as part of a long-term transportation plan for the province.
"These are all concepts," he said. "Nothing has been finalized yet."
The hope is that people will not drive to the events in Whistler. Rather each ticket buyer will be given a seat on a bus which will carry them from Vancouver to their event. At peak times 60,000 spectators and day skiers are expected to make the trip from Vancouver to Whistler.
It is estimated that 600 buses will be needed to carry everyone on a daily basis.
They might also take the train from North Vancouver or take a passenger-only boat from the Vancouver area to Squamish and then take the bus to Whistler.
"The rail lines might be closed to freight traffic during that time," said Poole adding that many visitors might enjoy a scenic journey through pristine countryside with first class service.
The bid corporation plans to open information offices in both Vancouver and Whistler shortly.
Poole believes everyone has to be behind the bid in order for it to win. He acknowledged that many in Whistler have doubts about whether the Games are worth having.
"It's a fragile community," said Poole adding that he is against any referendum on the Games.
"We don't want to get involved in politics. Whistler has a good council. They are not pushovers."
He plans to send out an open letter to every resident in Whistler soon to outline the bid's plan so far.
Details haven't been available until now because planners have been assessing options. And, said Poole, nothing is carved in stone.
Some of those who have been approached for agreements may decide against involvement so other options will have to be looked at.
Discussions are under way with Intrawest, which owns Whistler-Blackcomb, as well as some resort properties.
It's likely Intrawest will be offered financial compensation equal to the average earnings of that time period over three years.
Poole said the company is welcoming but is negotiating hard.
"They will get huge advertising value out of this," said Poole. "But they are saying they are doing all the business they can already."
