The City of Victoria is pegged to spend up to $90,000 to host the International Basketball Federation (FIBA) event this summer.
FIBA is an international non-profit and the world governing body for basketball. The upcoming event will be one of four international tournaments that qualify teams for the 2020 Olympics in Tokyo. In Victoria, Canada will compete against Greece, China, Uruguay, the Czech Republic and Turkey.
In a report coming to the committee of the whole this Thursday, Thomas Soullier, director of Parks, Recreation and Facilities argues that “this major event is anticipated to provide economic benefits for the local community, as well as offer social and entertainment value for citizens.”
The money would come out of the city’s contingency fund, and go alongside $1.25 million from the federal government, $350,000 from the province, $750,000 from corporate sponsorship, and an anticipated additional $160,000 from other other municipalities.
According to the report, the estimated economic impact to the city could be $6 million.
Discussions will happen on Thursday morning, with the decision likely to be ratified at city council Thursday night.
The tournament takes place at the Save-On-Foods Memorial Centre from June 23 to June 28.