(3/12/99)
A new report says hosting the Olympics may put Salt Lake City $9-million in the hole. News Specialist Stacey Butler has more on that report.
The report, conducted by the Mayor's office, found that from now until 2002--the Olympics will cost the city $22-million.
But the city is quick to point out that number is based on current information, and may change as we get closer to the Olympics.
But for some, this report is just another sign that their worst fears are being confirmed.
Salt Lake City Council Member, Deeda Seed says, "We have an enormous task ahead of us in terms of our responsibility for hosting the games. It will be enormously expensive and we don't have the money."
Salt Lake City Council member Deeda Seed says the city is already facing a budget shortfall for this fiscal year and the next.
In the Olympic report released today the numbers don't look any brighter.
Based on current information, the 2002 Olympics will cost Salt Lake City $22-million. That's $9-million less than the city has.
So where will the money come from?
"We're in tough shape and we're going to need help from SLOC and from the IOC."
But when Eyewitness News questioned SLOC president Mitt Romney about the chance of a SLOC handout, he responded: "Any money cities spend to support the games, they'll get back in sales revenue."
Opponents scoff at that notion.
Anti-Olympic Activist, Stephen Pace says, "I'm a little bit skeptical on this. You've got all these black magic boxes that claim that all this money's going to be coming out. But we've been kind of fooled by that before."
Seed says,
"The sales tax revenue that we will receive as a city will not be enough to compensate us for the costs that we will incur for hosting the Olympics and that's just the bottom line."
In a 1998 report from the Governor's office, it was projected that Salt Lake City's revenue will increase by $5.6-million before and during the games. But some city council members say that's not enough.
Seed says, "It would be in the best interest of SLOC to negotiate with us, to make sure our taxpayers don't suffer a double wammie because of the Olympics."
