The Utah Olympic Legacy Foundation was born out of the 2002 Winter Games in Salt Lake City.
In the years since, the nonprofit has maintained the venues created for the Olympics, including Utah Olympic Park, Soldier Hollow Nordic Center and the Utah Olympic Oval.
The foundation subsidized the losses at its venues through its Legacy fund, created through revenue from the 2002 Games.
Initially valued at $76 million, the fund is now down to $46 million. Economic pressures like inflation and energy costs have drained the fund at a faster rate in recent years.
The award of the 2034 Winter Games to Utah means the foundation will get another boost in funding from the International Olympic Committee.
“We’re planning on another $160 million infusion,” Utah Olympic Legacy Foundation President CEO Colin Hilton said. “$130 [million] to $160 [million] is the target to re-endow our foundation. And that is much needed because we still do not have a financial in-perpetuity model and a future Games is absolutely necessary for us to be able to cover the operating subsidies and the capital upkeeps going forward.”
That’s Utah Olympic Legacy Foundation President and CEO Colin Hilton.
Outside of some small upgrades, he says their venues are ready to go for 2034.
Hilton says International Olympic Committee members are also confident Utah can deliver another Winter Games.
“I will always remember how their senior people right after our award, saying, ‘I don’t think we’ll ever see as good of a bid as you guys delivered here,’” he said.
Hilton, who has played a key role in Utah’s bid, says the next steps to prepare for 2034 involve solving larger challenges for local governments, particularly transportation.
“Obviously, Kimball Junction transportation is the No. 1 issue for Summit County including Park City,” Hilton said. “How we address the problems for our everyday ski traffic and even some of the summer traffic issues, the Games become a catalyst for these everyday problems to shoot for, to try to get the infrastructure project done in time to host the world.”
Hilton says he’s also been involved in Heber’s downtown redevelopment project, which could involve building new park-and-ride lots in Wasatch County for the Olympics.
