|
MUMBAI:
In its zeal to turn the city’s dream of hosting the 2016
Olympic Games into a reality by guaranteeing the full budget
to build the Olympic Village should it be chosen as host city
the Government of Madrid is in plans already.
The
International Olympic Committee (IOC) stipulates that cities
bidding to host the 2016 Games obtain financial commitments
from national and regional or local governments to cover any
shortfall the organising committee of the Olympic Games (Ocog)
may have. The IOC also requires commitment to undertake and
finance the necessary infrastructure developments.
Since
Madrid has 77 per cent of its infrastructure already complete,
it can go ahead towards making the 2016 Games a reality by
guaranteeing the €871.9 million needed to construct the
Olympic Village, one of the most important elements of staging
a successful game.
In
order to avoid the impact of external factors, the Government of Madrid, headed
by Mayor Ruiz-Gallardón, has opted to process a fund of €100 million
this year and another €100 million in 2010.
From
2011, ground works will begin to prepare the site. Between
2011 and 2015 when the permanent elements of the project are
completed, the remaining finances will be gathered. The work
will be finished with temporary structures which will be financed
directly by the Ocog.
The
site of the Olympic Village is owned by the local authorities
of Madrid and therefore no additional funds are needed to
acquire the land.
The
Olympic Village will be connected to Madrid’s city centre
and the rest of the Olympic venues through an adjacent motorway,
bus links and the convenient city Metro.
After
the Games, the Village will provide the city with a much-needed
urban residential area providing social housing for rental
with 15 per cent of the accommodation reserved for Spanish
athletes.
| 
