Calgary 2026 Olympic funding proposal accepted by federal, provincial governments: BidCo

The Calgary 2026 Bid Corporation (BidCo) says the federal government and the Government of Alberta have signed an agreement to consider an Olympic funding proposal.

The proposal was released late Tuesday night and marks the first day of the year.

BidCo's new public funding request totals $ 2.875 billion.

In the proposal, the City of Calgary would contribute $ 370 million in cash, $ 150 million in prepayment, and $ 200 million to cover "defined contingency."

The Government of Alberta is sticking to its original $ 700 million offer.

The federal government would provide $ 1.423 billion, matching financial commitments to the province, the City of Calgary and the Town of Canmore.

A letter that BidCo feels to the fore, the feds and to Calgary's mayor also mentioned $ 30 million in "leveraging initiatives" that have been identified in the hosting plan.

Calgary to benefit from new infrastructure.

"This is a proposal that makes sense and is a good deal for Calgarians," said BidCo board chair Scott Hutcheson in a press release. "I'm confident we and our governments can agree to move forward and reach an agreement in principle.

"I know city council understands how important it is to Calgary, that they know what they are at, and that they will show their strong leadership and allow me to do this. will be Canada's Games, Calgary's choice. "

Reaction started to roll in from city councillors after the announcement.

"I'm very pleased citizens will have a deal to consider when they head to the polls," said Ward 9 Coun. Gian-Carlo Carra.

"Now that we finally have this in writing – and I think it is a reasonable deal – we need to vote to vote [in the plebiscite], "Said Ward 13 Coun. Diane Colley-Urquhart. "When you see the number [the feds] are committed to $ 1.423 billion, and you look at the $ 30 million they will also be able to take advantage of other initiatives in the hosting plan, these things are new. "

"I have serious concerns," said Ward 11 Coun. Jeromy Farkas. "I need to know how the budget has been cut so substantially to make the numbers work. If it's reduction from security, we are moving into reckless territory to continue. "

"Said Ward 4 Coun. Sean Chu. "We have been promised so much in the past 30 days and there's no coverage on overspending, Calgarians have to pick it up. There's other things we've been promised and not coming through. This is fancy creative accounting I disagree with. "

Yes Calgary 2026 is stoked with the late-night development.

"The Bid Corporation has far exceeded expectations," said Jason Ribeiro with the pro-Olympic group. "We would be so short-sighted to pbad this up. They have come up with something I was not even imagined was possible. "

On Wednesday, the council is expected to vote on the 2030 Paralympic and Olympic Games.