RICHMOND, British Columbia, May 22, 2007 - The Honourable David Emerson, Minister of International Trade and Minister for the Pacific Gateway and the Vancouver-Whistler Olympics, along with Premier Gordon Campbell, today announced how the jointly funded $110 million Games Operating Trust will ensure the 2010 Winter Games venues in the Richmond and Whistler areas leave lasting legacies.
"The Olympic and Paralympic Games are about encouraging athletic participation, fostering community engagement, and building a sport legacy that will benefit all Canadians," said Minister Emerson. "The Games Operating Trust demonstrates the Government of Canada's commitment to ensuring lasting legacies for the athletes of today and tomorrow."
"Through this fund, young British Columbians will be able to make their Olympic dreams come true," said Campbell. "When we first started talking about the Games, we made it clear that these Games would leave lasting benefits to the province, and this Trust is just one of the ways we're living up to that commitment."
Established as a source of funding to support the operating and capital maintenance of the Richmond Speed Skating Oval, the Whistler Sliding Centre and the Whistler Nordic Competition venue before and after the 2010 Winter Games, the Games Operating Trust was initially proposed as part of the signing of the Multiparty Agreement. Beyond maintaining and operating the facilities, the trust will also support the continued development of high-performance sport through the operating budgets of the legacy facilities.
As a result of the early planning, the trust has accumulated significant additional income from the Provincial and Federal investments and has grown to $133.6 million as of March 31, 2007.
This funding will be divided into three sub-funds as follows:
Speed Skating Oval Fund (City of Richmond) 40%
Whistler Sliding Centre and Nordic Centre Fund (Whistler Legacies Society) 40%
Contingency Fund 20%
"We greatly appreciate the collaborative approach by the City of Richmond and the Whistler Legacies Society concerning the division of the Games Operating Trust," said Jamie Bruce, Chair, Games Operating Trust board of directors. "The venue owners took the time to understand the expected needs of the legacy facilities and clearly communicated those needs to the Trust. This cooperative approach was a huge help to Trustees."
Information:
Jennifer Chiu
Press Secretary
Office of the Minister of International Trade and Minister for the Pacific Gateway and the Vancouver-Whistler Olympics
819 371-1557
Donald Boulanger
A/Chief, Media Relations
Canadian Heritage
819 994-9101
Mike Morton
Press Secretary
Office of the Premier
250 213-8218
