2015 Pan American Games - Development and Preparation - Financing

Financing

The Toronto 2015 Organizing Committee (TO2015) along with all three levels of government will spend about $1.4 billion Canadian dollars in upgrading and building new venues in the region. The provincial government (Ontario) and the Canadian federal government would provide 35% each of the funding, with the municipalities covering the remaining 30% of the cost. Also $1 billion Canadian dollars will be spent on building an athletes village in the West Don Lands area of Toronto. Therefore the total spent will be $2.4 billion, the highest ever spent for a Pan American Games. Later in 2011 Toronto's contribution to the games almost doubled from $49.5 million to $96.5 million for several reasons: the athletics stadium was moved to York University from Hamilton, the soil was to be remediated at the University of Toronto Scarborough where the proposed aquatics centre is supposed to be built, more money was needed for the proposed bmx track and the increase in inflation. $700 million Canadian dollars will be spent to build and renovate infrastructure in the region, about three times what was spent for the 2011 Pan American Games.

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