L.A. projects Olympic surplus

With Los Angeles the likely stand-in, the USOC faces a September 15 deadline to enter a bid with the global Olympic Committee.

City leaders, including Wesson and Garcetti, are being asked to sign the agreement, which would mean that “Los Angeles will pursue the games” in the event that the USOC chooses Los Angeles as the nation’s bid city, she said.

The newly formed, seven-member panel that will be reviewing the agreement is chaired by council President Herb Wesson, with Councilman Gil Cedillo as vice chair.

“We are confident that Lake Casitas will produce athletes, spectators, federations, media, sponsors and dignitaries with a world-class experience just as it did during the 1984 Olympic Games”, he said. “Today is the beginning of that process”.

“Our existing world-class venues would make the Games exciting, fiscally responsible and profitable”, said Jeff Millman, a former Garcetti aide working for the private committee behind LA’s bid. We may need another meeting.

Facing an early test of support at home, Los Angeles’ 2024 Olympics plan stalled Wednesday amid questions about potential runaway costs and the impact on neighborhoods already strangled by traffic and congestion.

Wesson added that he understands it is Ryu’s “job to protect (his constituents), but every member seated around this horseshoe has a district and each and every one of us have constituents in our district that care about this, as well”.

It’s going to cost Los Angeles .6 billion to host the 2024 Olympics – at least that’s what LA24, the nonprofit that’s trying to bring the games to L.A. says.

The budget is projecting that the global Olympics Committee will contribute $1.5 billion or 31 percent of the revenue, with the domestic sponsorships and ticket revenue making up the other two thirds of the expected revenue.

The L.A. bid plans to use the Los Angeles Memorial Coliseum, spending $800 million on upgrading its seating and other features, though a large portion of those costs would come from the University of Southern California, which plays its college football games in the Coliseum.

Los Angeles made an estimated $250 million profit on the 1984 Olympics, according to Business Insider.

Organizers Tuesday released the first detailed budget for the Games, which calls for staging events from Santa Monica Beach to Hollywood.