Olympics price tag could skyrocket
Re: $5.2B Olympic blueprint unveiled, Sept. 12 Columnist Licia Corbella has done it again. She has been taken in by the mayor’s smoke and mirrors, mentioning his background to give more respectability to his utterances and not seriously questioning or examining the numbers. The city will spend a minimum of $500 million in 2017 dollars — $300 million for a field house plus $200 million to make up the city’s share of the $3-billion difference between the estimated total cost and estimated revenue. Nenshi noted they are looking for funding sources for the field house which is part of the Olympic budget. So this money will come from city taxes.
There is no guarantee that the federal government will contribute 50 per cent of the cost and I saw an article that said the federal government is looking at contributing a maximum of $1.5 billion. The submitted report shows that the cost by 2026 will be $3.495 billion. So who pays for this extra $495 million? The city naturally.
Hugh Powell, Calgary