Montreal says no to 'Big Owe'
Last Updated Sat, 08 Oct 2005 18:04:30 EDT
CBC News
Montreal's Olympic Stadium will be fully paid for on June 30, 2006, and the province plans to turn it over to the city, but the mayor says the city doesn't want it. Montreal Mayor Gerald Tremblay said Saturday that the Olympic facilities, built for the 1976 Games, should remain in the hands of the province.
The mayor said: "I have already asked [Jean Charest] to move away from the retrocession of Olympic installations to the city of Montreal."
The Quebec government introduced a special tobacco tax in May 1976 when it discovered Olympic costs were spiralling out of control - leading to the nickname of the "Big Owe" instead of the "Big O."
The Olympics were originally estimated to cost $250 million and would be "self-financing," said then-Mayor Jean Drapeau. He said: "The Olympic Games can no more lose money than a man can have a baby."
In the end, the total price tag, including interest, will be closer to $2.3 billion.
On Friday, Quebec Finance Minister Michel Audet's office confirmed the government would continue collecting the tobacco tax, which brings in $81 million a year, although Mayor Tremblay said a portion should be set aside for the Olympic village. "With our proposal, the Quebec government would continue collecting a special tax on tobacco, and with a portion of this tax, it would finance the maintenance and the operations of Olympic Stadium," Tremblay said.
Quebec absorbs an annual deficit of about $20 million for the Olympic Installations Board, the agency that manages the facilities. It must also spend $6 million a year for the next 30 years for the stadium's new roof.
Last Updated Sat, 08 Oct 2005 18:04:30 EDT
CBC News
Montreal's Olympic Stadium will be fully paid for on June 30, 2006, and the province plans to turn it over to the city, but the mayor says the city doesn't want it. Montreal Mayor Gerald Tremblay said Saturday that the Olympic facilities, built for the 1976 Games, should remain in the hands of the province.
The mayor said: "I have already asked [Jean Charest] to move away from the retrocession of Olympic installations to the city of Montreal."
The Quebec government introduced a special tobacco tax in May 1976 when it discovered Olympic costs were spiralling out of control - leading to the nickname of the "Big Owe" instead of the "Big O."
The Olympics were originally estimated to cost $250 million and would be "self-financing," said then-Mayor Jean Drapeau. He said: "The Olympic Games can no more lose money than a man can have a baby."
In the end, the total price tag, including interest, will be closer to $2.3 billion.
On Friday, Quebec Finance Minister Michel Audet's office confirmed the government would continue collecting the tobacco tax, which brings in $81 million a year, although Mayor Tremblay said a portion should be set aside for the Olympic village. "With our proposal, the Quebec government would continue collecting a special tax on tobacco, and with a portion of this tax, it would finance the maintenance and the operations of Olympic Stadium," Tremblay said.
Quebec absorbs an annual deficit of about $20 million for the Olympic Installations Board, the agency that manages the facilities. It must also spend $6 million a year for the next 30 years for the stadium's new roof.
