Vancouver Olympic - Essay Example According to Participation Agreement, the city accepted to be the host city and proceeded with the bid (Larry, Para 1-2). In December 1998, the Canadian Olympic Committee approved the Vancouver bid and agreed upon its representation Canada in the international bidding competition to host the 2010 Olympic Games. The Bid City Agreement was signed by the City, the COA and the bid group. The Bid City Agreement allowed the City to present its bid before the International Olympic Committee and established some roles and the responsibilities for all the parties in presenting the Bid. It also included intellectual property matters like copyright and trademarks, expenses, marketing, community consultation, the signing of the IOC Host City Agreement and operation of the Organizing Committee for the Olympic Games. The conditions of the Bid City Agreement need the City to work with the COC just to make sure that all features of the bid are covered and they are in compliance with the provisions of the Olympic Charter (Larry, Para 3). Initial Cost of Vancouver's Bid: The budget of the Bid Corporation for this bid was Can$34 million and of this total amount the Province of British Colu... Public corporation contributed 54 percent of the bid and private companies offered 46 percent of the funding. Contributing Factors: Hosting the Olympics in Vancouver and Whistler will affect the economy of the Province of British Columbia. Positive outcomes have been understood more important than the negatives for hosting the games. This point of view became very helpful for BC economy of the period around 2002 when the Canadian Dollar was weaker than the American Dollar. The time when Vancouver was selected as host city it was considered as capable as boosting the economy and increasing the tourism. Since then the Canadian Dollar has become stronger than American Dollar and tourism is expected to be lower as it will be very costly to come to Canada and spend in Canadian Dollars (Jay and Adam, Para 2). Motivation: The BC Government has created a favorable opinion of the games in the public eye. The government has guaranteed an economic boom following the games. It is expected that provincial growth will be approximately in between 0.9 and 1.2% per year from 2005 to 2011 (Derek, 2005, Para 1). Announcements have been made regarding the budget of the games and about its expected overall profit. It also has been claimed that there will be approximately 5600 new full time jobs, which will be created directly by the Games. The problem with the claims is that the government has speculated that Vancouver and Whistler areas would not be visited by the tourists if there were no Olympics and the jobs which are created by the Games would not be filled up by the workers and there would be unemployment, which seems to be wrong because there would certainly be large number of tourists and the unemployment rate in Vancouver area is one of the lowest in the
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