Ottawa, Alberta reach agreement on funding proposal for Calgary 2026 Olympic bid

Woolley said the provincial and federal governments and the city could not come to a cost-sharing agreement on the $3-billion public investment asked for by the bid corporation Calgary 2026, which had estimated the total cost of hosting the Games at $5.2 billion.

“The gap is too large,” Woolley said.

But Calgary 2026 announced Tuesday night that an agreement was reached between the federal and provincial governments to consider a new funding proposal.

The public investment required was reduced by $125 million to $2.875 billion, reducing the total estimated cost to $5.075 billion.

Calgary 2026 chief executive officer Mary Moran said working with the RCMP produced $115 million in savings in the security budget and another $40 million in essential services.

Under the revamped terms, the Alberta government’s commitment of $700 million would remain the same.

The Canadian government’s contribution would be $1.453 billion in 2018 dollars, not the $1.75 billion in 2026 dollars the feds had offered.

The remainder would be covered by the city in a breakdown that includes $370 million in cash, plus another $20 million augmenting a premium on a $200-million insurance policy against cost over-runs, for a total of $390 million.

The city’s previous commitment to spend $150 million on improvements in the Victoria Park and Stampede Park area — the site of the proposed athletes’ village and potentially a new NHL arena — was also included in the city’s 2026 contribution.

Calgary 2026 released a document signed by Alberta Premier Rachel Notley and federal Sports Minister Kirsty Duncan agreeing to the new terms.

“This is a proposal that makes sense and is a good deal for Calgarians,” Calgary 2026 board chair Scott Hutcheson said in a statement. “I’m confident we and our government partners can agree to move forward and reach an agreement in principle.

“I know city council understands how important this is to Calgary, that they know what’s at stake here, and that they will show their strong leadership and allow Calgarians to decide the outcome of the Olympic and Paralympic bid at a plebiscite November 13.

“These will be Canada’s games, Calgary’s choice.”

Calgary 2026 was organizing a pro-Olympic rally to be held in front of city hall Wednesday morning.

Advance voting for the plebiscite is scheduled for Tuesday and Wednesday.

Mayor Naheed Nenshi wasn’t ready to call Calgary’s bid for 2026 dead Tuesday.

“If you know me, you know I am a Canadian football fan and in the CFL you often get that last field goal in the very last second going through the uprights,” the mayor said after the committee meeting.

“What council has to do … is determine whether there’s enough there for Calgarians to vote on two weeks from today, or if they feel that the clock has in fact run out without the field goal.”

Nenshi was not immediately available for comment Tuesday night.

Calgary was the host city of the 1988 Winter Olympics. The venues still used for international and domestic competition and training are the foundation of a second bid.

Calgary 2026 estimated $502 million would be required to get those venues Olympic-ready again.

Moran predicted hosting the Games again would bring $4.4 billion into the local economy.

The bid corporation says it has built $1.1 billion in capital and operational contingency funds into its draft host plan.

The International Olympic Committee has committed $1.2 billion in cash and services to the 2026 host city.

Donna Spencer, The Canadian Press

Note to readers: This is a corrected story. A previous version had the incorrect figure to get Calgary’s venues Olympic ready.

by Canadian Press

Ottawa, Alberta reach agreement on funding proposal for Calgary 2026 Olympic bid

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