Madrid’s government has guaranteed the full budget to for the Olympic Village should the city host the 2016 Summer Olympic Games.
The International Olympic Committee (IOC) wants cities bidding for the 2016 Games to obtain financial commitments from national and regional, or local governments to cover any shortfall the OCOG may have. The IOC also requires commitment to undertake and finance the necessary infrastructure developments.
Madrid 2016 says it has 77 per cent of its infrastructure already complete and is guaranteeing the Euro 871.9 million needed to construct the Olympic Village.
The Government of Madrid has said it will process a fund of Euro 100 million this year and another Euro 100 million in 2010.
Construction would start in 2011 and between 2011 and 2015 when the permanent part of the project is completed the remaining finances “will be gathered” said Madrid 2016. The local authorities of Madrid own the Olympic Village site and no additional funds will be needed to acquire the land.
The village would be well connected to Madrid’s city centre and the rest of the Olympic venues through an adjacent motorway, bus links and the city’s Metro.
Once the Games are over the village would be turned into a much needed urban residential area providing social housing for rental, with 15 per cent of the accommodation reserved for Spanish athletes.
Meanwhile, during Madrid 2016’s presentation at the 2009 congress of the international sports press association (AIPS), Mercedes Coghen, CEO of Madrid’s 2016 bid said, “I am pleased to say that the media will be very well looked after in Madrid in 2016. We know the hours for the media are long and the pressures to deliver coverage are great so there will be no compromise in providing what we believe will be the best Media Village ever seen at an Olympic and Paralympic Games.
“The Media Village – which is right next to the Main Press Centre and the International Broadcast Centre – is state of the art.
“The design was chosen from plans submitted by 19 different architects and futuristic facilities and living accommodation cover 20 hectares of land very close to the main Olympic venues – just 15 minutes to the Olympic Park by bus.
“And the Media Village is only 10 minutes to the centre of the city which will allow journalists to have great fun, if they have enough strength for ‘fiesta'”.