Three weeks after unveiling the proposed plan for an Olympic bid, officials shared what it could cost Vancouver to host the 2030 Winter Games.
The estimated total cost is between $3.5 billion and $4 billion, with a mix of public and private funds covering the bill.
According to those behind the financial estimate, for every public dollar spent by the government, $5 or $6 will come from outside sources.
The local organizing committee — led by four hosting First Nations — and the Canadian Olympic Committee released the preliminary estimate on Friday.
The proposed cost includes planning, organization and execution, with significant money being used to refresh venues that were last used when the area hosted the 2010 games.
The current proposal includes events in Whistler, the Sun Peaks area, and in Vancouver and the Lower Mainland.
First Nations Lil̓wat7úl (Líl̓wat), xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish) and səlilwətaɬ (Tsleil-Waututh), along with the COC and the Canadian Paralympic Committee, said the budget reflects a concept “that will be climate positive, driven, and that can really transform Canada through the power of sport.”
Although a high number, the group said that using existing venues reduces infrastructure costs to 54 percent of the cost of hosting the 2010 Olympics.
The security costs will also be about half as high as last time, it said.
“We know the public is excited about what the 2030 Games will cost and I hope the financial estimates are reassuring that not only is it feasible to host these Games, but that it will benefit all of our communities.” said Chief Wayne Sparrow of the Musqueam Indian Band in a statement Friday.
One of the perks of hosting the Games is that more than 1,000 new housing units will be added to the region’s inventory. Some of the homes built will become affordable housing units while others will be sold at market prices and some will be rented out under the current plan.
The Group’s presentation of its financial estimates can be read online.
Not included in the estimate are the costs of various essential services, including but not limited to snow removal, temporary road closures, and emergency services.