The CAQ government on Tuesday tabled Bill 15 to reform Montreal’s Olympic Park.
When passed the Olympic Installations Board will have more powers, including the ability to create subsidiaries and negotiate directly with investors.
Tourism Minister Caroline Proulx said the bill will not cost taxpayers anything and will enable the OIB to increase revenues and move toward important renovations in the Olympic Park.
She said the current system makes it hard for investors who want to do business at the Olympic Park, for example by forcing them to negotiate with the provincial Treasury Board. Desjardins had to wait 18 months for approval before moving some of its employees to the Olympic Stadium Tower. Under the new system investors will be able to sign longer leases, which the minister says will attract more investors.
Proulx does not believe the bill will hinder the construction of a new baseball stadium, a project that investors led by Stephen Bronfman hope to attract to the Peel Basin.
A separate project to replace the Olympic Stadium’s roof is still on track, with a business plan expected to be approved next year and construction to be completed by 2024. A cost for the roof replacement has still not been established because the type of new roof – fixed or retractable - has not yet been decided.
The minister is confidant the OIB will renovate the stadium in time for the FIFA World Cup of Soccer which is coming to Montreal in 2026.
