Organizers for the Toronto 2015 Pan Am/Parapan Am Games say they are significantly under budget with construction started on five venues as they released the first quarterly report.
"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,” said Ian Troop, chief executive officer of the Toronto 2015 Pan Am/Parapan Am Games Organizing Committee (TO2015), after releasing the first quarterly report.
"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.”
With a total of $674 million dedicated to a capital budget for new venues and renovating existing facilities, TO2015 says it is currently $57.5 million under budget.
The aquatics centre and fieldhouse, athletics stadium, equestrian centre, Markham Pan Am and Parapan Am Centre and Welland Pan Am Flatwater Centre are already under construction with five more venues scheduled to begin construction over the next two years.
The Milton velodrome is currently projected at $6 million under budget.
The overall budget remains unchanged at $1.441 billion.
DCN NEWS SERVICES