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The town’s debt limit for this year stands at $87 million, a figure that’s expected to reach $116 million by 2024.

By that year, the town is projected to have anywhere from $42 million to $59 million remaining in potential borrowing, which falls short of the $66 million it would need to fund the village.

Canmore could be a significant player should Calgary choose to bid on the 2026 Games.

Among other roles, it would host biathlon and cross-country skiing competitions, while also acting as the developer and host of an athletes’ village for competitors and officials involved in those events.

The athletes’ village would be built on land in the Palliser neighbourhood, owned by the Canmore Community Housing Corp., and would include 1,200 beds in 242 units for the Games.

Post-Olympics, 218 of those units would be repurposed for affordable housing, to be owned and managed by the housing corporation, according to a plan presented to council by Canmore’s administration last week. The remaining 24 units would be managed by WinSport, or an equivalent organization, for athletes and coaches to use while training in the area.

The $116-million cost of delivering the village would be financed by the town and a host corporation funded by other levels of government.

The town would kick in about $10 million in public funds toward the project. About 90 per cent of the units built, those that would later be used for affordable housing, would cost $64 million, revenue the town would recoup once the units are sold to the housing corporation after the Olympics.