LA close to agreement with the USOC to be America's candidate for the 2024 Games

[soxhop411]

Los Angeles is close to reaching an agreement with the U.S. Olympic Committee to be America's candidate for the 2024 Summer Games, pledging to host the event at a projected cost of approximately $4 billion and offering a guarantee that the city would cover any financial overruns, officials involved with the bid said Monday.
In an interview with The Times' editorial board Monday morning, Mayor Eric Garcetti said he is pushing in his effort to secure L.A.'s slot as the U.S. bidder. The opportunity opened up unexpectedly last month after Boston, which the USOC chose as host city over L.A. in January, backed out amid concerns about financial risk associated with the Games.
"I think it is right for this city. I think it's who we are," Garcetti said. "I think we benefit from it economically, socially."
Garcetti and sports agent Casey Wasserman -- who has been heavily involved in preparing L.A.'s Olympic bid and also spoke to The Times editorial board Monday -- said the city's proposal would be "dead on arrival" if it did not include a pledge that the city would bear expenses from cost overruns or revenue shortfalls.
 

more at the link
http://www.latimes.com/local/lanow/la-me-ln-la-olympics-4-billion-20150810-story.html

 

[Tony C]

that makes much more sense....

 

[uncannymanny]

Well there's a city that is actually "in need" of a brand new stadium. They have to be planning to spin the Olympics into a place to house an NFL franchise, right?

 

[kenneycb]

Wouldn't it be the other way around? I can't imagine any team moving to LA would want to wait 5 or so years before being able to play in a new stadium.

 

[Harry Hooper]

According to the Brattle Group report on Boston 2024, LA in 1984 was the only host city that did NOT sign a guarantee to pay for any or all Olympics cost overruns. Looks like they'll be signing that guarantee this time, so taxpayers in CA may be in for a nasty surprise if they're relying too much on analogy to 1984 this time around.