Vancouver has taken the first step toward possibly becoming an Olympic franchisee for the second time in 20 years.

Today, the city entered into a memorandum of understanding with the Resort Municipality of Whistler and four First Nations: the Lil'wat, Musqueam, Squamish, and Tsleil-Waututh.

They will work with the Canadian Olympic Committee and the Canadian Paralympic Committee "to explore the impacts and benefits of hosting the 2030 Olympic and Paralympic Games".

"In the spirit of Reconciliation, it is important for our Nations to understand the impact and potential benefits of hosting the 2030 Winter Games,” Squamish Nation councillor and spokesperson Wilson Williams said in a news release. “Should a bid go forward, our Nations will lead and engage in all aspects of planning and hosting the Games. It is an opportunity to announce to the world that we are not invisible, we are still here and will always be here.”

Tsleil-Waututh Chief Jen Thomas noted that in 2010, the Olympics took place on the traditional territory of the Lil'wat, Musqueam, Squamish, and Tsleil-Waututh Nations.

"Those Games created a legacy for the four Host Nations,” Thomas added. “From all that we learned from hosting the world in 2010, we know that along with the City of Vancouver and the Resort Municipality of Whistler, we will be able to build off that legacy, making the 2030 Games the first Indigenous-led Olympic Games and the best Games yet.”

The 2010 Olympics led to the creation of the $2-billion Canada Line, the $882-million Vancouver Convention Centre East, and the $600-million Sea to Sky Highway Improvement Project, which spurred significant real estate development in Squamish.

The International Olympic Committee chooses host cities. Most of the IOC's revenues come from the sale of broadcasting rights and international corporate sponsorships.

In 1995, the IOC executive committee passed a rule permitting it to keep 51 percent of the broadcasting revenue, leaving the rest to the local organizing committees.

The organizing committee can also generate its own sponsorship revenue within its country.

In advance of the 2010 Games, the province ensured that the Vancouver Olympics Organizing Committee was not subject to the Freedom of Information and Protection of Privacy Act, the Document Disposal Act, the Financial Information Act, or the Financial Disclosure Act, ensuring that organizers did not have to release financial information to the public.