TO2015 Fall 2012 Quarterly Report - Major TORONTO 2015 Pan Am/Parapan Am Games Venue Builds Coming in Under Budget

Games remain on track and on budget to welcome athletes from 41 countries

Conference call with TO2015 CEO and executives to discuss report at 10:00 a.m. today

TORONTO, Nov. 26, 2012 /CNW/ - The TORONTO 2015 Pan Am/Parapan Am Games Organizing Committee (TO2015) today released its first regular Quarterly Report to the public for fall 2012 showing major venue builds are coming in significantly under budget, as well as progress on other key indicators.

For charts detailing the TO2015 fall 2012 Quarterly Report, please visit toronto2015.org. The conference call with members of TO2015's senior leadership team will take place at 10:00 a.m. For details on how media can dial in, please see below.

"This has been a decisive quarter for TO2015," said Ian Troop, Chief Executive Officer of TO2015. "We've locked in costs for 80 per cent of the total value of our construction projects and we have shovels in the ground on five of them.

"Our strict adherence to the construction timetable and the fact several of our biggest venues are coming under budget means we're right where we want to be with less than a thousand days to go to ensure the Games are delivered not only on time but on budget," he said.

Some of the highlights of the past fiscal quarter include:

• A $57.5-million positive variance in TO2015's capital projects budget (see attachment). Construction costs were driven down through a rigorous tendering process led by Infrastructure Ontario. Project costs are locked in, with financial contingencies built into each individual venue budget. Potential for cost increases has been eliminated by using a project management design that shifts risk to private sector contractors.

• In addition to the on-schedule construction of five Games venues, construction starts and critical paths are on schedule for the remaining venue projects.
  
  
• TO2015 is in rental negotiations with facility owners for both the Pan Am and Parapan Am Games in 2015.
  
  
• The full sport program and footprint of the TORONTO 2015 Parapan Am Games have been announced, making them the largest Games in Parapan history.
  
  
• On the TO2015 cultural and public engagement front, the Play Me, I'm Yours project, featuring 41 pianos painted by local artists and positioned throughout the core of Toronto, was an interactive sensation during the second quarter. The city came alive with music, as thousands of Torontonians and visitors played the outdoor pianos, making the project the biggest TO2015 profile builder yet.
  
  
• TO2015 continues to be successful in attracting sponsorship revenue with its most recent additions of Cisco as Premier Partner and the Toronto Star as Official Print Supplier.
  
  
• CBC/Radio-Canada was announced as the official Host Broadcaster and Domestic Broadcaster of the TORONTO 2015 Games. The comprehensive agreement ensures the most extensive coast-to-coast-to-coast live Pan Am and Parapan Am coverage in English and French in Canadian history, as well as a mammoth 600 hours of online digital coverage.

Since inception, TO2015 has spent $29.6 million (4.4 per cent) of its total capital budget, and $41.1 million (5.4 per cent) of its total operations budget. In the second half of the calendar year for 2013, the Organizing Committee is set to ramp up its procurement and hiring, as well as make significant progress on the construction of its new venues.

The overall budget for the TORONTO 2015 Games remains unchanged at $1.441 billion. Of the total amount, $674 million is dedicated to a capital budget for new venues and renovating existing facilities and $767 million is dedicated to the operations of staging the Games.

The budget is composed of commitments of up to $500 million each from the Government of Canada and the Government of Ontario, along with $288 million from municipal governments, universities and venue owners and an estimated $153 million raised through sponsorships, ticketing and other revenue measures.

The budget includes the costs of overlay, essential services and the need for appropriate contingencies for the capital and operating components of the Games. It has been reviewed and confirmed by independent third-party financial experts and by experts in staging large-scale, international, multi-sport events.

In addition to the $674-million capital budget, there are other supportive investments being made. As per the Bid Book, the construction of the CIBC Pan and Parapan Am Games Athletes' Village, which will be a permanent residential community following the Games, is not included in the TO2015 capital budget. The construction of the field house in Markham is a separate undertaking funded solely by the City of Markham. As announced in 2011, the Province of Ontario is investing an additional $22.3 million in Hamilton's new stadium.

In May 2012 when it announced its budget, TO2015 committed to regular updates to the public. Today's quarterly report is the first in an ongoing series of regular, quarterly organizational updates as the organization moves forward to Games time.

TO2015 Quarterly Report Media Conference Call Details

When:	Today 10:00 a.m.
Who:	Ian Troop, Chief Executive Officer Barbara Anderson, Chief Financial Officer Murray Noble, Senior Vice-President, Infrastructure

To access the conference call by telephone, dial 1-416-981-9020 within Canada and toll-free 1-800-926-4420 from outside Canada. Please connect approximately 10 minutes prior to the beginning of the call.

About the TORONTO 2015 Pan American/Parapan American Games
The Pan American and Parapan American Games are one of the world's largest international multi-sport events, held every four years for athletes of the 41 member nations of the Pan American Sports Organization (PASO) and 26 member nations of the Americas Paralympic Committee (APC).  The Pan American Games are comprised of all Olympic Summer Games sports, as well as traditional Pan American sports, while the Parapan American Games are comprised of the majority of Paralympic Summer Games sports.  The TORONTO 2015 Pan American/Parapan American Games will draw more than 10,000 athletes, coaches and team officials and feature 51 sports in municipalities across the Greater Golden Horseshoe area. The TORONTO 2015 Pan American Games will take place July 10−26 and the Parapan American Games August 7-14. For more information about the Games, please visit TORONTO2015.org. 

PDF available at: http://stream1.newswire.ca/media/2012/11/26/20121126_C3328_DOC_EN_21152.pdf

PDF available at: http://stream1.newswire.ca/media/2012/11/26/20121126_C3328_DOC_EN_21153.pdf

SOURCE: Toronto 2015 Pan/Parapan American Games

Teddy Katz
Director, Media Relations and Chief Spokesperson 
TO2015
C: 647.404.5263
[email protected]