Paris, October 20, 2004 – Paris’ bid to host the 2012 Olympic and Paralympic Games received the endorsement of the Council of Paris, the monthly meeting of all the Paris elected officials, which accepted, at the unanimity of voters, to approve a number of financial guarantees necessary for the organization of the 2012 Olympic and Paralympic Games.

 

The favorable vote confirms to the International Olympic Committee that the City of Paris is committed to making the investments required to host the 2012 Olympic and Paralympic Games, should Paris be selected in July 2005. The vote also served as an opportunity for Bertrand Delanoë, The Mayor of Paris, to remind the Council that Paris’ budget to host the 2012 Olympic Games will be reasonable and carefully managed.

 

The financial guarantees of the Council of Paris, which together total Euro 1,27 billion, include:

 

    - E680 million of investment in facilities within Paris, including the construction of a SuperDome in the northern competition venue cluster and a Dome in the western competition venue cluster;
    - E59 million of investment in facilities in the neighboring cities, for the construction of the Main Press Centre and the Aquatics Centre;
    - E503 million of investment in transport infrastructures.

The Council also voted to dedicate E25 million to support the organization of the Paralympic Games.

 

The guarantees given by the City are significantly higher than the forecasted costs, as private funding sources will cover a portion of the budget of the Games. The City of Paris is expected to pay Euro 950 million to host the Games. An additional Euro 800 million will be dedicated to the refurbishment of the Batignolles district, in the north-west of Paris, the site chosen to host the Olympic Village. This sum is to be combined with Euro 300 million dedicated to the creation of a 10 hectare landscaped park, which will later become the heart of a new Olympic district after the Games.

 

The Region Ile-de-France also is expected to vote in favor of a similar guarantee for just over Euro 1 billion.