Los Angeles Proposes $4.1B Budget If Olympic Candidate
LOS ANGELES (CBSLA.com/AP) — A mayor's adviser says that if Los Angeles becomes the U.S. candidate for the 2024 Olympics after Boston's recent drop from contention, the organizers' proposed budget for the Summer Games would be $4.1 billion.
Jeff Millman, a senior adviser to Mayor Eric Garcetti, told The Associated Press on Monday that the budget also includes a $400 million contingency, half of which is to cover city expenses.
Millman says they city's projection anticipates revenues far in excess of $4.5 billion and a significant profit.
"We'd want to leave a legacy behind so that we not only make money, but it's for the people to be able to have sports here in L.A.," Garcetti said.
The budget is not from city funding but would instead come to the Los Angeles organizing committee from such sources as broadcast revenue, sponsorships and tickets.
Boston had proposed a budget under $5 billion, but its candidacy flamed out late last month.
"I remember what it was like to be a 13-year-old boy in the Coliseum. I've love to bring that spirit back," said Garcetti referring to the 1984 Olympic Games, which he said was one of the city's proudest moments.
Now, he says, L.A. is close to experiencing it again in 2024. Garcetti is continuing talks with both the U.S. and international Olympic committees and is apparently getting good feedback.
"We'd certainly be one of the top two cities in the world," said Garcetti, who explained that the city's infrastructure has certainly changed since 1984, which is why he believes L.A. is the perfect host.
"Most cities couldn't do it, it would cost them too much, but think about it, since 1984, over 80 percent of the facilities we use have been built since then. STAPLES Center, Stubhub Center, the thing that bankrupts other cities is that they have to build new things and we don't have to here in Los Angeles," he said.
Los Angeles must first secure the U.S. bid. The U.S. must submit its city to the International Olympic Committee by Sept. 15.
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