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2008 News and Information

Wayne Duzita Reappointed to Games Operating Trust

30 July 2008 

Richmond City Council has appointed Wayne Duzita for a second three-year term as the City’s representative on the board of the Games Operating Trust.

The Games Operating Trust is responsible for administering funds set aside to support the ongoing operations of key 2010 Olympic Winter Games venues, including the Richmond Oval, home of speed skating for the Games. The Government of Canada and Province of BC contributed $55 million each to the Games Operating Trust. The fund has since grown to more than $130 million through investment income.

“Wayne Duzita has provided tremendous service to the community of Richmond for many years and his performance on the Games Operating Trust has been outstanding,” said Mayor Malcolm Brodie.

During Duzita’s first term on the Games Operating Trust, the board made its initial disbursement of the endowment fund in early 2007, determining that it should be distributed into three sub-funds with 40% of the total funds to be allocated to the Richmond Oval, 40% to the Whistler Legacies Society (which operates the Whistler Olympic Park) and 20% reserved for contingencies. Funds are disbursed at the discretion of the board, primarily using investment income to ensure the principle remains intact as an income-generating source in perpetuity.

The early disbursement of the fund was a significant change in direction for the Games Operation Trust as a decision on disbursement was initially not expected to come until after the 2010 Olympic and Paralympic Winter Games. The City has estimated the equivalent value of fund disbursements to the Oval to be in excess of $60 million.

In addition, the Trust also decided to award funds to support pre-Games operations of the Richmond Oval and Whistler Olympic Park, which also was a change in direction from the original vision. To date, the Oval has received more than $4 million in operating funds from the Games Operating Trust, which will support start-up and operating costs for the venue, which will open later this year.

“It’s absolutely critical in developing a viable business plan for the Oval that we have as much certainty as possible,” said Mayor Brodie. “By moving forward on its disbursement decision and providing pre-Games funding, the Games Operating Trust has helped ensure that we fulfil the vision for the Oval to be outstanding facility for our community as well as an international centre of excellence for sports and wellness. We thank Wayne and the other board members for their foresight.”

“The Richmond Oval is truly going to be a magnificent addition to our community and will boost sport, recreation, health and wellness, not just in Richmond but in our region, province and country,” said Duzita, who also serves on the City’s Olympic Business Advisory Committee. “It will benefit all of our residents and dramatically and positively transform our community. The City of Richmond has shown extraordinary vision in making this investment and I’m proud to be able to help ensure that vision comes true.”

Duzita is Vice President of Leasing and Marketing for AMB Property Canada Ltd, developer/owners and property managers of approximately 1.5 million square feet of warehouse and office space for the aviation industry at airports in Western Canada and Nevada. He has an extensive background of community and professional service, including being the long-time chair of Canuck Place Children’s Hospital Foundation and co-founder of YVR Golf For Kids. He served on the recent TransLink Review Panel and has fulfilled numerous roles with the Richmond Chamber of Commerce in addition to many other business professional and charitable activities. A Richmond resident, Wayne has been married to wife Georgia for 40 years and has two adult children.