Calgary has secured a phenomenal deal. By investing $390 million we unlock over $4 billion dollars of investment from our partners, between the federal, provincial, IOC, and sponsorship revenue invested into our community, if we host the Games.
Calgary's fiscally responsible bid budget also includes well over $1 billion in contingency funds, protecting Calgarians against any future cost-overruns.
The 6 key benefits
There are six key reasons we believe that hosting the Games will be good for Calgary:
Yes, Calgarians will make an investment of $390 million. But that investment unlocks a $4 billion investment from our partners at the federal and provincial governments and the IOC and private sponsors. This is a badly need investment in our local economy that Calgary would not get otherwise. These funds will be used to renew our existing infrastructure, build two badly needed facilities and increase affordable housing. Learn more >
Calgary will get financial help to refurbish, and improve accessibility to, eight original Olympic venues, all of which are heavily used by local citizens for recreation, amateur sports, and national and international competitions. These facilities, which are nearing the end of their lives, can be extended for another 30 years with the investment that would arise from the Olympics and Paralympics. Instead of upgrades being funded exclusively by the City, the costs will be shared with other orders of government. Upgrading existing investments makes financial sense. It is like paying for a new roof on your house to extend its life another 30 years. Doing it in conjunction with the Olympics means others will help pay for it. Learn more >
One legacy of the 1988 Games is the continued availability of first-class facilities, and consequently the hundreds of world class athletes and coaches who have chosen to train and live in Calgary. Their presence is an inspiration to our kids. For every athlete that wins a medal at the Olympics, hundreds compete internationally, thousands nationally, tens of thousands compete locally and hundreds of thousands get training opportunities. We can keep this going for Calgary’s children for another 30 or 40 years. Learn more >
There will be direct short and long-term economic benefits for hosting the Games. While some will debate about the exact amount of benefit what does not need to be debated is that having world-class facilities enables Calgary to host national and international events for decades to come. Each competition draws visiting delegations, media and fans to Calgary, where they buy hotel rooms, meals, transportation, and souvenirs. Worldwide media coverage enhances Calgary’s visibility which leads to business, conventions, and tourism. Learn more >
One of Calgary’s biggest challenges (and Canmore’s too) is lack of sufficient affordable housing. The Olympics can’t fix that problem, but it can help. The Olympic budget anticipates spending $490 million to build 1,800 accessible housing units that will be converted after the Games, most in Calgary and some in Canmore. These units will be a mix of seniors housing, urban indigenous housing, low income, student and market and near-market units, consistent with Calgary’s current housing plans and priorities. Learn more >
The Olympics provides Calgary with a platform to tell the world a new story about our city, one that goes beyond oil and gas. Vancouver successfully used the 2010 Olympics to brand itself as a green and high tech city. Since 2010, Vancouver has attracted economic investment and has one of the lowest downtown office vacancy rates in North America. No other single platform will provide Calgary to show the world why this is the best place to invest. Learn more >