2024 Olympic bid would cost Toronto at least $50M: report
The Olympic flag flies outside City Hall in Vancouver, B.C., on Wednesday, February 18, 2009. (Darryl Dyck / THE CANADIAN PRESS)
Published Tuesday, January 14, 2014 9:43PM EST
If Toronto wants to host the 2024 Summer Olympics, the cost of submitting a formal bid will run the city $50- to $60-million, with the cost of hosting at $3.3- to $6.9-billion, a new feasibility report estimates.
The report, to be considered by the Toronto's economic development committee on Monday, says although hosting the Olympics will "reinforce Toronto's reputation as a major arts and culture hub," it also comes with "significant costs and risks."
Among the challenges the report identifies as a potential reason not to submit a bid include locating appropriate sporting venues in Toronto.
"Finding suitable venues and the locations to build new ones will be a challenge within the City," the report, prepared by Ernst and Young, explains. "Most of the limited number of possible new sites has extensive infrastructure challenges."
The report also identifies time as a factor which Toronto councillors must consider if they want to successfully submit a bid to the International Olympic Committee by September 2015.
"Meeting this timeline will be complicated by the prospect of all three orders of government having elections over the next two years and the running of the Pan/Para Pan Am Games in 2015," the report states.
If Toronto decides to move forward with the bid, the report says the city will be required to invest $1 million to conduct a more detailed assessment of the pros and cons of hosting the Olympics. That work is expected to take approximately nine months to complete.
At a press conference on Tuesday, Toronto Mayor Rob Ford said he wants to wait and see how the Pan Am Games work out before committing to another bid.
"I want to concentrate on the Pan Am Games," Ford told reporters. "Right now I'm a little skeptical of putting in $1 million after I saw our failure for the last Olympic bid."
Toronto has never hosted the Olympics. The city finished third behind Atlanta, U.S. and Athens, Greece for the 1996 Summer Olympics; and second to Beijing for the 2008 Summer Olympics.