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Calgary’s Olympic bid corporation announced late Tuesday night that a proposed agreement to fund the 2026 Winter Games has been reached — just hours ahead of a city council vote that could spell the end of the bid.

The proposal — signed by the provincial and federal governments — is based on a revised Games concept plan and public dollar ask of $2.875 billion.

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Previously, Calgary 2026’s hosting plan pegged the public sector portion of the bill at $3 billion.

The savings come principally from a reduction in security budget estimates and revised accommodation costs for security personnel.

A spokesman for Calgary 2026 said the budget revision was based on RCMP feedback on the original security costs outlined in the hosting plan.

The proposal would see Calgary contribute $370 million in cash, along with $150 million in previously committed dollars for improvements to Victoria Park and Stampede Park, said the bid corporation in a letter released Tuesday night. The city would also be on the hook for covering the cost of premiums for a $200 million insurance policy to cover a defined contingency.