[transplant99]

Originally Posted by Travis Munroe

I have been echoing the same statement on what plan do we have to get us out of this funk should we not shoot for the Olympics. Property taxes are going up regardless and will continue to do so each successive year we are in this rut.

We can sit on our hands, wait and pray that something happens to pick up the economy until the hopeful trans mtn goes ahead which results in increased taxes each year
OR
Take a chance on something that could give a burst to the economy until the hopeful trans mtn goes ahead and inject billions into the economy.

Had Nenshis plan of attracting outside business to fill downtown space had some indication it was working, I might lean more towards the no side but his plan doesn't seem to be working.

Taxes are going up regardless and one option gives us a chance to fast track the recovery while the other is hoping time fixes everything.

There are very good reasons to bid on the games, but kickstarting the economy is not a valid one.

Let’s start with the economy. The head of Calgary’s Sport Tourism Authority, Doug Mitchell, said the 2026 Winter Games “is the kind of injection into our economy that we need.” He’s not alone. Proponents often point to economic impact studies suggesting billions of dollars and thousands of jobs will result. In 2002, for example, a report commissioned by the B.C. government projected a $10.7 billion economic boost and 244,000 new jobs from Vancouver’s Games.

Unfortunately, such rosy pictures are often the product of frighteningly misused economic models. Input-Output models, as they are called, presume a limitless supply of workers and other resources. Though sometimes useful, they aren’t well suited to mega-projects.

If a bid is successful, the Olympics have costs that vastly outstrip revenues. In today’s dollars, Vancouver generated just over $1.6 billion in revenues from broadcast rights, ticket sales, sponsors, and so on, while costs exceeded $7.5 billion. That’s a considerable difference. For a provincial and federal government facing persistent deficits, such increased spending certainly looks unwise.

Olympics are not only expensive, but also risky. According to recent work from researchers at the University of Oxford, every single Olympic Games since 1968 experienced substantial cost overruns. Every. Single. One.

On average, Olympics end up costing nearly triple their original estimate. To be sure, Winter Games aren’t as bad as Summer Games, but even they typically cost just over double their original estimate. According to these same researchers, Vancouver’s 2010 Games was the best performer — at 17 per cent over budget — while Calgary’s 1988 Games were 59 per cent over.

https://business.financialpost.com/o...an-you-feel-it