July 2, 2008

2010 Winter Olympics construction nearly done

RICHARD GILBERT

staff writer

Almost all of the competition venues for the 2010 Olympics are built.

The Vancouver Organizing Committee (VANOC) for the Olympic and Paralympic Winter Games released its third quarter financial statements, which confirmed that venue construction is nearing completion.

One of the most important issues highlighted in the report, which covers the period from Feb. 1 to April 30, 2008, is the substantial completion of all competition venues prior to the Beijing 2008 Olympic Games.

“We are entering an important new chapter in the operational and financial planning for the Games,” said John McLaughlin, VANOC’s chief financial officer.

“While the venue construction program is nearing successful completion, operations and procurement are ramping up. We are now engaging the marketplace for our needs in infrastructure, technology and other key items required to host 18 successful sport events in 2008 and 2009, in addition to the Olympic and Paralympic Winter Games in 2010.

VANOC’s total venue construction expenditures for the three months ended April 30, 2008 were $14.6 million, down from $38.4 million for the three months ending January 31, 2008.

One of the largest expenses reported by VANOC is related to the Hillcrest/Nat Bailey Stadium Park. For the three months ending April 30 and Jan. 31, $4.4 million and $3.9 million was spent on the closing of the roof and the preparation of the curling rink slab.

Another large expense was related to the Whistler Sliding Centre where $500,000 was spent for the three months ending April 30 and $6.3 million for the three months ended Jan. 31.

Project-to-date expenditures now total $100.2 million, but expenditures decreased as the centre became operational in the previous quarter.

At Cypress Mountain $600,000 and $1 million was spent for the three months ending on April 30 and Jan. 31 respectively, which consisted of on site completion work for the snowboard course.

Expenses related to the Whistler Athletes’ Centre were $2.7 million for the three months ended April 30 and $6.4 million for the three months ended Jan. 31. The decline in expenditures is due to a significant payment made for modular housing that occurred in the previous quarter. Construction is underway and will continue to ramp up into the summer months.

At the Whistler Olympic Park, $2.9 million was spent in the three months ended April 30 and $8.1 million for the three months ended Jan. 31, 2008. The venue became operational during the quarter ended Jan. 31 and construction spending concentrated on the on-site buildings.

Construction of the remaining Nordic recreational trails, buildings and landscaping will continue into the spring as the snow melts. The total expense on this project to date is $112 million.

According to the report, project-to-date venue construction expenditures now total $480.8 million, which represents 81 per cent of the venue construction budget.

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