(ATR) City council leaders in Los Angeles will decide whether or not to proceed with a 2024 Olympic bid on Wednesday.
A spokesperson for Los Angeles City Council member Paul Krekorian tells Around the Rings the council will consider a joinder agreement to make Los Angeles the bid city for the Games. The joinder agreement commits the city to the USOC contract to host the Games.
"Los Angeles is an ideal Olympic city. The joinder agreement is the next required step in that process for Los Angeles to be chosen as the US Candidate City for the 2024 Olympic Games," Los Angeles Mayor Eric Garcetti tells ATR.
Also on the table Wednesday is the creation of an ad hoc committee for the Games, according to Krekorian's spokesperson. Krekorian is one of seven members slated to be on the ad hoc committee upon its approval. The committee would oversee and help coordinate the city’s bid.
Los Angeles was tapped to fill the shoes of previous USOC candidate Boston earlier in August. The host of the 1984 Summer Olympics is still weighing the options for another chance to host the Games.
Bid leaders suggest they could host the Games for $4.1 billion with projected revenues allotting a $150 million surplus.
Other than these projected figures, Los Angeles has released little information regarding the bid plans. This is a point of concern for city council members who say they would like to vet the bid more thoroughly before making a decision.
Mayoral aide Jeff Millman responded to these concerns announcing council members will have access to the bid proposal, budget and documentation of legal agreements between the leaders of the USOC and the bid team before voting on the issue.
"LA24 is discussing budget details with city officials in the coming days and will release details before Council's vote," Garcetti tells ATR.
By agreeing to move forward with the bid, council members also provide Garcetti the authority to sign a host city agreement with the IOC that would put the city of Los Angeles on the hook for any financial overruns.
Refusal to sign this agreement by Boston Mayor Marty Walsh caused the city to drop from contention before submitting a final bid to the IOC by the September 15 deadline.
Garcetti says the people of Los Angeles should not be worried about potential cost overruns due to the city’s existing sports venues and facilities as well as strong broadcasting and marketing revenue possibilities.
"On the one-to-five hot scale — one being the coldest — my personal assessment, for what it's worth, is about a one," Garcetti said of the risk to tax payers.
Written by Kevin Nutley
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