Oval bosses hope a $6 million Olympic museum will be enough to convince tourists to spend more time in Richmond.
The Richmond Olympic Experience, as it will be called, was approved this week by city council and could be open as early as the fall of 2013.
The oval-based project which will be funded through $2.5 million from hotel tax collected by Tourism Richmond from tourists, $2 million from the oval and the city and $1.5 million from a sponsor will establish a dynamic tourism attraction in Richmond.
A $1 million grant has also been asked of the federal government to help towards the cost of construction.
The museum will be inside the oval and will showcase the legacy of the citys role during the 2010 Games, including the many incredible sights and sounds when the Olympics came to town.
Oval bosses are forecasting that the attraction of tourists from outside of Richmond will help mitigate annual operating costs of around $300,000 per year, with a possible $15 admission fee.
Richmond Olympic Experience Project
The museum would, according to a report placed before city council this week, have four focus areas: Richmond's Olympic experience; the 2010 Winter Olympics; Richmonds sporting history and Olympic values.
The original project was a city-led initiative, with $575,000 allocated from the post-Olympics oval conversion budget.
However, city staff decided the type of experience that could be created with such funding would not be of a standard that would meet the goals expected of the city or the oval, wrote Jane Fernyhough, director of arts, culture and heritage.
This extraordinary cultural amenity will complement the City of Richmonds other cultural attractions