VANOC Board of Directors receives positive venue construction report; management ready for spotlight of being next Games and remains on track financially

Sep 17, 2008

Vancouver, BC – With only 16 days remaining until Phase 1 of ticket sales to the 2010 Olympic Winter Games begins on October 3 — one of the biggest milestones and public engagement activities prior to the Games — the Board of Directors for the Vancouver Organizing Committee for the 2010 Olympic and Paralympic Winter Games (VANOC) held its fifth meeting of 2008.

At today’s meeting the Board reviewed a number of positive updates on the venue construction program which will see all competition venues completed and winter athletes competing at world- class levels on all venues this winter. The meeting also included a number of regular agenda items as well as updates to the Board of Directors on the business plan, sport, sponsorship, ticket sales, the launch of a new graphic identity and pictograms and the re-launch of www.vancouver2010.com, the Official Website of the Vancouver 2010 Olympic and Paralympic Winter Games.

“The pace for VANOC’s management and staff has already accelerated after the conclusion of a highly successful Beijing 2008 Games and the Board today received a number of updates that provide confidence we’re on track financially and ready for the pressure and spotlight that comes with hosting the next Games,” said Jack Poole, Chairman of the Board. “Final touches on venue construction are underway and athletes are already here training and getting ready to compete. With the first of this winter season’s 16 sport events starting next month and tickets on sale in a matter of weeks, Canadians and sport enthusiasts around the world will be able to touch and feel the Games more and more each day.”

Highlights of reports and updates delivered at the September 17, 2008 VANOC Board Meeting included:

CEO and Senior Management Reports

Beijing 2008
The Beijing 2008 Games provided VANOC with a number of learning opportunities in key areas, including ticketing, volunteers, the spectator experience, village operations, sport production and decision making when confronted with the unexpected.

Budget Update/Functional Reviews
An update was provided on the business plan and ongoing measures being taken by VANOC management to review key functional areas to ensure a balanced budget. Reviews of VANOC’s 53 functions are now complete. VANOC’s updated budget is being developed this year and will be taken to the Board for approval in late 2008/early 2009.

Sport
The Sport department is preparing for the first of 16 sport events this winter season; short track speed skating at the Pacific Coliseum from October 24–26. Sport has welcomed nine National Olympic Committees (NOCs) and National Paralympic Committees (NPCs) to Vancouver since May and is planning for 11 additional NOC visits and six NPC visits in the coming weeks and months. In addition, VANOC has recently hosted biathlon, cross-country skiing and luge delegations and is preparing for upcoming visits from bobsleigh, skeleton, freestyle skiing, ice hockey, curling, short track speed skating, ski jumping, luge, biathlon, cross-county skiing, cross-country skiing (Paralympic), biathlon (Paralympic), alpine skiing (Paralympic) and wheelchair curling delegations.

Sponsorship
Revenue commitments currently generated from domestic sponsorship for the 2010 Winter Games is at $735 million, or 97 per cent of VANOC’s overall target of $760 million. National Partner and Official Supporter revenue targets have been achieved, but VANOC expects to sign anywhere from six to eight new sponsors at the Official Supplier level.

Report of the Finance Committee
The Board received reports from two meetings of the Finance Committee, held on August 11 and
September 8, 2008. A number of contracts were approved for final negotiation; VANOC will disclose information regarding contracts once the contracts are finalized.

The Finance Committee approved a contract with Aggreko Canada for the provision of temporary power and temperature control services and equipment.

Venue Construction Update

• Procurement: Only minor awards are outstanding. Procurement for Vancouver 2010 construction is over 93 per cent complete.
• Venue contingency analysis: The venues central contingency balance, as of the last report, was $15.77 million. A drawdown of $2 million was approved by the VANOC Board today to cover additional costs at the Whistler Athletes’ Centre that will bring the balance of the venue contingency to $13.77 million. VANOC remains on track to finish its venue construction program on or under its $580 million budget.
• Richmond Olympic Oval: Construction is on track to be completed on schedule. Work on removing and replacing roofing material is nearing completion. Installation of a test ice sheet was successfully completed at the beginning of August. A new ice sheet was installed at the beginning of September. Members of the Canadian speed skating team were the first athletes in the world to have access to the Oval and have successfully tested the ice over the past few days.
• Vancouver Olympic/Paralympic Centre: Construction is on schedule. The final sand and insulating layers for the curling venue’s competition ice slab are complete. Work on the building’s envelope continues and interior finishes are proceeding. Drywall in the curling venue is 80 per cent complete.
• Trout Lake training venue: The concrete building structure and main structural steel and glulam erection are complete. Roof decking is underway. Mechanical and electrical work is ongoing.
• Killarney training venue: Concrete tilt-up wall panels and main structural steel have been erected. Arena roof metal decking is one-third complete and roof decking for the lobby is nearly complete.
• The Olympic and Paralympic Village Vancouver: Significant progress has been made on all building structures. The bridge and related approach (to access the site) are substantially complete.
• Olympic and Paralympic Village Whistler: The Whistler Village townhomes are nearing completion. The bridge and related approaches (to access the site) are substantially complete.
• Whistler Athletes’ Centre: The steel roof erection is complete on the High Performance Centre. Construction of the lodge building and townhomes is ongoing. Factory fabrication is complete on townhomes, and site installation is ongoing.

 
Report of the Strategic Communications Steering Committee
The Chair reported on the last meeting of the Strategic Communications Steering Committee, held on September 12, 2008. Solid progress is being made on key projects, including VANOC’s thematic and ticketing advertising campaigns, which begin, respectively, at the end of September and the beginning of October.

Background:
The VANOC Board of Directors is made up of 20 members nominated by: the Canadian Olympic Committee (seven); the Government of Canada (three); the Province of British Columbia (three); the City of Vancouver (two); the Resort Municipality of Whistler (two); the Canadian Paralympic Committee (one); a joint appointment by the Band Councils of the Lil'wat and Squamish Nations (one); and one member nominated by the other 19 members.

The Board is scheduled to meet six times per year, and more often at the call of the Chair as required. The meetings are generally held at the Vancouver 2010 offices in Vancouver, although they are occasionally hosted by our Games partners in other locations. The Board’s responsibility is to oversee the conduct of the business of VANOC as it works toward achieving its Mission, to touch the soul of the nation and inspire the world by creating and delivering an extraordinary Olympic and Paralympic experience with lasting legacies.

As part of its commitment to public transparency and accountability, the VANOC Board of Directors has made today’s agenda, discussion topics and decisions available to the public on www.vancouver2010.com, subject to conditions of confidentiality related to personal information and/or competitively sensitive or privileged information. VANOC is also committed to hosting media briefings following each Board meeting with the Board Chairman, the CEO and other director(s) or members of the VANOC senior management team to elaborate further on matters.

Next Meeting
The next meeting of the VANOC Board of Directors is scheduled for November 19, 2008.

VANOC is responsible for the planning, organizing, financing and staging of the XXI Olympic Winter Games and the X Paralympic Winter Games in 2010. The 2010 Olympic Winter Games will be staged in Vancouver and Whistler from February 12 to 28, 2010. Vancouver and Whistler will host the 2010 Paralympic Winter Games from March 12 to 21, 2010. Visit www.vancouver2010.com.

ContactVANOC Communications
mediarelations@vancouver2010.com