(ATR) Los Angeles 2024 has released their bid book projecting a surplus over $150 million ahead of the city council vote to proceed with the bid this Friday.
The total projected revenues are $4.67 billion while the bid estimates costs at just $4.52 billion for the organizing committee. These costs do not include private investments that will be used to help finance certain projects such as the Olympic Stadium.
The Los Angeles Memorial Coliseum will once again be used as the Olympic Stadium for the bid. If Los Angeles were to be selected as the host city, it would be the first stadium to host opening ceremonies of three Olympics.
Renovations will be made to the coliseum that will be jointly financed by the organizing committee and the University of Southern California. The committee will budget $300 million to the project while USC is slated to contribute $500 million to the coliseum that serves as their football stadium.
The stadium will hold between 65,000 and 80,000 spectators once a final design is reached. No changes will be made to the iconic entryway or peristyle of the coliseum.
The Olympic Stadium is just one of several existing facilities that will either be used as is or undergo renovations. This reliance on existing venues fits well with the IOC’s Olympic Agenda 2020 and allows for a lower operating budget.
"Los Angeles is in a unique position, as 80% of the world-class venues that will be used for the Games are new since 1984, and 85% of the venues are either existing today or are planned as permanent legacy facilities following the Games," the bid says.
Existing venues that will be utilized include the Staples Center, Rose Bowl and the StubHub Center. The organizing committee has budgeted $713 million toward venue renovations and construction.
The Los Angeles City Council will begin discussion and consideration of the proposal in Wednesday’s session. The council members will vet the budget and plans submitted before voting to approve the proposal on Friday, USOC communications chief Patrick Sandusky tells Around the Rings.
A cause of concern for the members will be the potential risks to tax payers in the city. By approving the proposal, the council gives Los Angeles Mayor Eric Garcetti the authority to sign a host city agreement with the USOC and IOC that would make the city responsible for any overruns.
Refusal to sign such a document by Boston Mayor Marty Walsh ended the city’s campaign and forced the USOC to find a more willing candidate. Los Angeles has provided a $400 million contingency plan into the operating budget as well as $150 million of insurance in hopes to curtail any potential cost overruns.
The Boston campaign also suffered from a lack of public support for hosting the Games. Los Angeles believes this will not be an issue. The bid contains numbers from a public support poll suggesting 77 percent of people in Los Angeles support an Olympic bid from the city.
Although the organizing committee members would not be chosen prior to the city council vote this Friday, the bid shows Casey Wasserman as the current chairman and chief executive officer while John Harper will serve as the vice president and chief financial officer.
Wasserman was the first to deliver news about the released bid book, posting a link to the document on his Twitter page Tuesday afternoon.
The 218-page bid book is the first draft of the city’s plans to host the Olympics and will likely be revised throughout the bidding process.
The deadline to submit a bid to the IOC is September 15.
Written by Kevin Nutley
20 Years at #1: Your best source of news about the Olympics is AroundTheRings.com, for subscribers only.
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