L.A. Launches Bid for|2024 Summer Olympics

     LOS ANGELES (CN) – Los Angeles will represent the United States to pursue the 2024 Summer Olympic Games as host after the city council approved an agreement that gives it the authority to oversee the bid.
     Following city approval of the agreement, the U.S. Olympic Committee endorsed the bid at a joint news conference with Mayor Eric Garcetti in Santa Monica.
     LA will now vie with other cities including Paris, Rome, Budapest and Hamburg to host the games.
     “Today, I am proud to officially launch our bid in partnership with the U.S. Olympic Committee as we aim to bring the Olympic and Paralympic Games back to the U.S. for the first time in 28 years,” Garcetti said. “It is an honor for any city to host the Olympic Games, and Los Angeles is uniquely prepared for this task. With the unanimous support of our city council, we are ready to serve and strengthen the Olympic movement and build a new Olympic legacy.”
     LA previously hosted the games in 1932 and most recently in 1984. If it wins the bid it will join London as the only city to have hosted the games three times.
     At a morning meeting, the city council’s 15 members approved a resolution and agreement that requires city council approval before the city executes any agreements with the International Olympic Committee or the U.S. Olympic Committee.
     “This is the engagement. It’s not the wedding. And now it’s time for us to work on the prenup,” said Councilman Herb Wesson, addressing public concerns about the financial burden on the city.
     Los Angeles emerged after the U.S. Olympic committee’s first choice Boston withdrew after public opposition to its bid.
     The city council is also concerned that the financial burden could fall on taxpayers, should the cost of hosting the games become prohibitive.
     Garcetti has said that he intends to enter into an agreement with the International Olympic Committee to cover cost overruns.
     While giving the city the go-ahead to pursue the bid, the Chief Administrative Office will review impacts on communities and venues and report back on how to protect the city financially.
     The vote gives the city council the authority to reject the host-city agreement and agreements between the U.S. Olympics Committee, the International Olympic Committee and the private group that is behind the city’s bid, LA24.
     Last week, LA24’s organizers published a $4.1 billion plan to host the games that projects a $161 million surplus.
     LA24’s budget did not include privately financed costs of $1.7 billion, according to the Chief Administrative Office. That includes $925 million for an Olympic Village on the LA River, $500 million to remake the LA Memorial Coliseum as the Olympic stadium, $200 million for a planned soccer stadium, and $75 million in construction costs for other venues.
     U.S. Olympic Committee CEO Scott Blackmun said the city has the infrastructure to “deliver world-class events for athletes and an extraordinary experience for fans.”
     “Coupled with the city’s culture of creativity and innovation, we are confident LA can deliver an outstanding Olympic and Paralympic Games in 2024,” Blackmun said.

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