Lawmakers accepted a check for $99 million from Olympic organizers Tuesday for money local and state governments spent on preparations for the Games and the continuing costs of maintaining athletic venues.
The large sum paid so quickly after the Games’ end triggered a sigh of relief and gave many tax-payers and lawmakers a feeling of comfort.
Lane Beattie, Utah’s state Olympic officer, said the rapid payback to the state is an indication of the financial success of the Olympics.
However, Beattie said the exact cost of the Games, and the amount of Olympic generated money, will not be known for at least another year.
The U still awaits payment for a bill of Olympic proportions.
On Nov. 17, 1997, Rice Stadium was demolished and completely rebuilt before Sept. 12, 1998, the date of the first home football game that year.
Rice-Eccles Stadium is a reminder of how the U benefitted from the Olympics, said Wayne McCormack, director of the U Olympic Coordination Office.
The Salt Lake Organizing Committee contracted with the U for sole use of the stadium during the duration of the Games. As rent, SLOC promised to pay the U $8.35 million.
Payment is due January 2003.
McCormack is not worried about the payment. “Everything has gone so smoothly. I am not worried about getting the money, [and overall] financially, the Olympics have been good for the U,” McCormack said.
Once the stadium is paid for, the U will have profited more than $37 million from the Olympics.
For use of the U’s Heritage Commons as the Olympic Village SLOC paid $29 million.
McCormack has yet to decide whether or not the disruption caused by the Games is worth the financial benefits. “That’s not up for me to decide, that is up to the students, faculty and administration,” he said.
SLOC will also pay the U for smaller contracts such as shuttle service for the athletes during the Games.
The U has been lucky the Olympics have provided financial support for the facilities it has, McCormack said.