LA projects $161 million surplus for 2024 Olympics

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.

The release of the cost estimate came about a month after the U.S. Olympic Committee cut talks with Boston, which was initially selected as the U.S. contender for the games.

The L.A. City Council is set to vote Friday on giving its mayor authority to execute agreements linked to any deal to secure the games.

The USOC must submit any bid city to the global Olympic Committee in September.

The Rose Bowl in Pasadena The Coliseum would be at the heart of the plan, as it was when the Games were in Los Angeles in 1932 and 1984.

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

Mayor Eric Garcetti and Los Angeles City Council President Herb Wesson did not respond to requests for comment.

LOS ANGELES-Councilman David Ryu raised concerns before today’s decision by the Los Angeles City Council to form an Olympics committee, which Ryu will not be a part of, that his district, CD4, would be greatly affected by the plan to host the Olympics. But Wesson said he wants to give his colleagues time to review a 200-page draft bid book released Tuesday by LA24, the nonprofit agency leading the Los Angeles bid.

The global Olympic Committee will pick a host city in 2017. Russian Federation has been struggling with costs from the 2014 Sochi Olympics, which have been called the most expensive Olympics of all time.

Nearly $1 billion extra can be wanted for different competitors venues, in line with the plan.

Beneath the plan, the Los Angeles Memorial Coliseum would get an $800 million makeover targeted on seating upgrades and premium facilities.

The Los Angeles proposal envisions occasions happening at places showcasing the most effective of the world. Volleyball can be staged on Santa Monica Seashore.

Road cyclists and marathon runners would match skills on Hollywood Boulevard.

The total revenue being projected is $4.8 billion, which would result in a $161 million profit for the LA24 nonprofit. Union Pacific’s largest shareholder is billionaire Philip Anschutz, whose Anschutz Leisure Group owns the NHL’s Los Angeles Kings and the downtown Staples Middle.

In addition the $1 billion Olympic Village will be built on the Piggyback Yard site along the L.A. River with a $925 million private investment and be converted to affordable and market-rate housing after the Olympics.