Finally! Olympic debt is a Big 0

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ArcsVibe
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Finally! Olympic debt is a Big 0

Post by ArcsVibe »

I knew my bad habit would lead to something decent lol BTW I quit a while back!Finally! Olympic debt is a Big 0Smokers huffed, puffed, paid it off. Games ran $1.5 billion in red 30 years ago despite predictions they'd cost $120 million ALANA COATESThe GazetteWednesday, December 20, 2006It took 30 years, but the Big O is no longer the Big Owe.The $1.5-billion debt Quebecers have been paying off since the 1976 Olympics was finally settled last month.Quebec smokers bore the brunt of the debt over the years; a percentage of all taxes paid on cigarettes since 1976 was placed in a special fund used exclusively to foot the bill for the facilities, which included Olympic Stadium, the Velodrome (now the Biodome), a sports centre, parking and other structures.In 1970, Mayor Jean Drapeau estimated the Games would cost no more than $120 million.Costs skyrocketed as construction began, but provincial Finance Minister Raymond Garneau projected all borrowings would be reimbursed by the 1982-83 fiscal year.But by July 2006, there was still $22 million left to be paid.The percentage of the tobacco tax changed slightly each year, according to a complex mathematical formula, said Jacques Delorme, a spokesperson for the province's minister of finance.Last year, it came to about eight per cent of all tobacco taxes, or nearly $69 million, Delorme said.Finance Minister Michel Audet initially projected the Big O would be paid off by September 2006, but this year's law banning smoking in public places caused a decrease in tobacco revenues, which delayed the final payment, Delorme said.But smokers won't get a tax break now that the Big O is paid off.Two new funds were created in the province's 2006-07 budget to replace the Special Olympic Fund: a $10-million investment in Quebec culture and heritage projects, and a $30-million scheme to build new sporting facilities across the province.Any surplus will be rolled back into the province's consolidated revenue fund, Delorme said.The Olympic Stadium, former home of the baseball Expos and the part-time home of the football Alouettes - the Als play one regular-season game and one playoff game there each year - will continue to be a venue for sporting and commercial events, according to Quebec's Tourism Department, which is responsible for the Olympic facilities.There are also plans to construct a new permanent roof on the stadium next year."The Quebec government has a profound desire to maximize the Olympic site's infrastructure to make it satisfying to Quebecers and to the city of Montreal," said Jack Roy, a spokesperson for the Tourism Department.A complication is that the Quebec government created a law in 1976 that would give the Olympic facilities back to the city of Montreal once the debt was repaid.That issue won't be discussed until the controller for the minister of finance submits his final report making the debt repayment official. That could take several weeks, Roy said.Montreal wants nothing to do with the cash-hungry stadium, however."When this law was created 30 years ago, we were in a very different situation," said Francine Senecal, the city executive committee member responsible for sports and recreation."At that time, the stadium was brand new, but now it has aged a lot and has many problems."The executive committee told the province more than a year ago it had no wish to take over the Olympic facilities, and has repeated itself several times, she said."The stadium was paid for by all Quebecers, so it should belong to all Quebecers."acoates@thegazette.canwest.com
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xrs06
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Post by xrs06 »

As long as it doesn't fall apart, it should bring a bit of money to the province...
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Post by CAN-AWD-VIBE »

lol... poor little O, always a money pit. Will they be using paper mache to make the new roof?
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Thewhite
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Re: (xrs06)

Post by Thewhite »

Quote, originally posted by xrs06 »As long as it doesn't fall apart, it should bring a bit of money to the province...HA! you wish! they'll soon put it down to build a Casino or something, with group *****ing that it's not a good place to build a casino, because it's not a sector with population with a lot of money, that you won't see a casino in Westmount, ... (They'll forget to say there's not any place in Westmount for a casino!)My only greetings is that now, all money from cigarettes taxes will go into sports. Now you're talking!
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miked
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Re: (Thewhite)

Post by miked »

All I can say is yahooooooooooooooooooo
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ArcsVibe
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Re: (miked)

Post by ArcsVibe »

Quote, originally posted by miked »All I can say is yahoooooooooooooooooooyeah now spend some $^&%**^ money on the &%^$*# roads!!!
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xrs06
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Re: (ArcsVibe)

Post by xrs06 »

Quote, originally posted by ArcsVibe »yeah now spend some $^&%**^ money on the &%^$*# roads!!! So maybe we can start enjoying our lowered spring
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ArcsVibe
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Re: (xrs06)

Post by ArcsVibe »

Quote, originally posted by xrs06 »So maybe we can start enjoying our lowered spring (removed)! I wish! My wife has never forgiven me for that mod
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