Toronto's economic development committee will vote next week on whether or not to conduct a more thorough study into considering a bid to host the 2024 Summer Olympic Games.
A report conducted by Ernst & Young release late last year examined the preliminary costs and determined that the bidding process is estimated to cost $50 million to $60 million, with hosting the Games estimated at $3.3 billion to $7 billion.
Much of the city is currently in construction in preparation for the 2015 PanAm Games, and while many investments have already been made to build world-class facilities the report warns these spaces may be too geographically dispersed. "The International Olympic Committee requires most venues to be within 30 minutes to 45 minutes of the Olympic Village site," an article that ran in Global News reports.
Toronto has made two albeit unsuccessful bids in the past, once in 1996 and again in 2008. And while many aspects need to be taken into consideration—the investment in the city, how aligned it is with priorities—the report warns now might be the only change for decades. “We note that if Toronto does not bid for 2024 and the Summer Games are awarded to a U.S. city, it is likely that Toronto will not have a reasonable chance of winning until at least the 2036 Summer Games," it says.
If the committee approves the report, a new more detailed study will be conducted at a cost of about $1 million. The committee will also consider the possibility of bidding for the 2025 World Expo at next Monday's meeting.
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Original Source: Global News