MOSCOW, October 18 (RIA Novosti) - The lower house of Russia's parliament has adopted in the final, third reading a draft law to establish an Olympics corporation to manage construction of the 2014 Olympic facilities in Sochi.
Under the bill, the state-owned corporation based in Sochi will handle the design, construction, modernization and maintenance of sports and infrastructure facilities for the 22nd Winter Olympics and the 11th Paralympics in 2014, and manage projects to develop Sochi as a resort city.
The document extends regulations on cooperation between the corporation and a special organizing committee. Moreover, the list of facilities to be built by the corporation will now include security and environmental protection units.
The corporation will operate indefinitely under the control of a supervisory board, a 10-member management committee and a president to be appointed by the Russian government.
The corporation will be funded from the federal budget, revenues from its business and other target contributions.
Sochi won its bid to host the 2014 Winter Olympic Games during an IOC meeting in Guatemala in July after a close race with South Korea's Pyeongchang and Austria's Salzburg.
