By the time you see this story, the city of Calgary's unholy Olympic bid may finally have a stake in its heart. Or, those aspirations may have been resurrected from the grave through some act of financial witchcraft delivering us the Zombie Olympics of 2026!
The Olympic deal was dead and buried by the afternoon of October 30, but by 10:30 pm on the same day, it had been revived with a last minute cost sharing agreement from three levels of government.
The city agreed to pay $370 million in cash plus $150 million in shared costs with the province. The city will also supply an insurance redemption of $200 million. Notley is kicking in $700 million, and Trudeau is putting up nearly $1.5 billion!
This means the total projected costs of the last minute deal dropped to $2.875 billion (that we don’t have) from a whopping $3 billion (that we also don’t have.)
But the most appalling thing about this is the way the politicians got to this funding deal.
Watch as I show you which corner the politicians cut to arrive to save money.
In the end, this vanity insanity may cost you $3 billion, plus all those inevitable cost overruns and maybe even your safety.