(ATR) An Ad Hoc Los Angeles City Council Committee agrees that LA taxpayers face minimal risk from potential cost overruns of a 2024 Olympic Games.
The committee vote is the final step before the LA City Council decides whether to accept signing the IOC Host City contract if Los Angeles secures the 2024 Olympics. Part of the provision of the contract is the acceptance on the part of the host city to pay for any cost overruns the Games may face. In addition, the city council approved documents related to the third deliverable of the 2024 bid book.
That provision, along with low approval ratings, led to the failure of the first U.S. 2024 bid in Boston. After the failure of the Boston bid, Los Angeles quickly took up the mantle of the proposed U.S. 2024 bid city, and secured government approval from local and state politicians.
"We would like to thank the Council Committee for the vote of confidence in our high-tech, low-risk and sustainable new Games for a new era and look forward to meeting with the full Council on Wednesday," Casey Wasserman, LA 2024 bid leader, told Around the Rings after the meeting.
The committee devoted minimal time to dissecting the Host City contract. Committee members agreed that two economic reports released by LA 2024 in conjunction with the contract shielded taxpayers enough from any potential burdens.
"The meeting today will send clear messages to the Olympic movement and to the world that LA 2024 and the city are unified in the desire to host the Games again," Gene Sykes, LA 2024 chief executive, said to council members. "Not just any Games, a transformative Games; the best Games in history."
The vote on the matter was unanimous, and the Los Angeles City Council will meet on Jan. 25 to continue discussions.
"I am so excited about spending the surplus we are going to make from these games!" council member Paul Krekorian exclaimed during the debate.
The sentiment was expressed by other members of the council. A majority of the debate within the committee concerned requesting clarification over the newly released opening ceremony plans. Under the new plan, the 2024 Opening Ceremony would take place simultaneously at the L.A. Memorial Coliseum and the Hollywood Park stadium, which will be completed in 2019.
Written by Aaron Bauer
25 Years at #1: Your best source of news about the Olympics is AroundTheRings.com, for subscribers only.
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