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From the Los Ángeles Times:

L.A. city leaders question financial risk of hosting 2024 Olympic Games

By Alice Walton

September 28, 2016, 8:50 PM

The deadline is looming to submit another round of bid materials to the International Olympic Committee, but many Los Angeles city leaders continue to have questions about what legal and financial protections will be in place should L.A. be awarded the 2024 Summer Games.

The second round of bid materials is due Oct. 7. The Los Angeles City Council is scheduled to discuss the bid materials this Friday.

Los Angeles is in competition with Paris and Budapest to host the Games. The City Council in Rome is expected to vote Thursday on whether to reject the city’s Olympic bid at the urging of its mayor. The IOC will choose a host city in September 2017. 

At an ad hoc committee meeting Wednesday, several City Council members questioned what protections would exist should the city have a funding shortfall or an unforeseen catastrophe. Bid leaders have said the cost of the Games could exceed $6 billion. They expect sponsorships, broadcasting rights and other revenue streams to cover those costs and leave a $161-million surplus. 

Last week, LA 2024, the private group leading Los Angeles’ bid, announced a number of venue changes. The Honda Center in Anaheim would host volleyball. Men’s and women’s golf would be held at the Riviera Country Club in Pacific Palisades. And Long Beach would host handball, BMX racing, water polo, marathon swimming, triathlon and sailing. 

“I guess I don’t quite understand how all of that works,” said City Council President Herb Wesson. “If we’re over in Santa Monica and something goes awry, their building blows up, falls apart, does that mean we have to pay for that?”

Chief Legislative Analyst Sharon Tso said that has yet to be determined.

“There isn’t anything to that effect in place yet and I think that’s one of the recommendations we need to work toward,” Tso said.

LA 2024 is expected to provide $10 million in liability coverage at each venue.

“Whether it’s in Santa Monica or Sepulveda Basin or elsewhere, LA ’24 has an insurance obligation to protect the city, whatever city that venue may be in,” said Councilman Paul Krekorian.

[...]

The link:

http://www.latimes.com/local/lanow/la-me-ln-los-angeles-olympics-20160928-snap-story.html

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On Saturday, September 24, 2016 at 5:26 PM, RuFF said:

LA reaches marketing agreement with USOC.

http://www.insidethegames.biz/articles/1041976/usoc-hail-marketing-agreement-with-la-2024-after-failed-new-york-and-chicago-bids

Something that I have been curious about. Apparently sporting federations are signing off on proposed LA2024 venues and as is obvious LA2024 is making changes to venues to accommodate the federations. As an example, Volleyball will be at the Honda Center should LA be awarded the games. While I don't post to the Paris thread I do read it. Is that something that competing bids are doing?  In the case of Paris specifically, does Paris have the ability to switch to other existing venues?

As they should. Parisian leaders should also be doing the same, making sure taxpayers are at least somewhat protected.

The state of California is ready to cover up to $250 Million in overruns if it needz to.

 

 

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7 minutes ago, RuFF said:

It was a very crowded field with two very strong front runners.

Rome should bid again at some point, but I think now was just not their time. 

 

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This just in. California Governor signs $250 Million state support bill should LA win the 2024 Summer games, easily eclipsing Paris'  150 Million commitment by close to $100 Million dollars.


 

SEPTEMBER 29, 2016
CALIFORNIA GOVERNOR BROWN SIGNS $250-MILLION STATE SUPPORT BOOSTING LA’S 2024 OLYMPIC AND PARALYMPIC GAMES BID
California Governor Edmund G. “Jerry” Brown, Jr. today signed SB 1465 into law which would provide up to $250 million in state financial support as part of Los Angeles’ bid to host the 2024 Olympic and Paralympic Games. While LA 2024 does not expect to expend these funds thanks to the city's existing world-class sports, housing and transportation infrastructure that reduces the costs and risks of a Games in Los Angeles, the state support serves as a crucial show of support and unity behind bringing the Games to Los Angeles in 2024. 

LA 2024's fiscally responsible bid offers the same low cost and high revenue opportunities that generated a $232 million surplus at the LA 1984 Games, a portion of which funded the LA84 foundation that has provided sports programs for more than 3 million young Angelenos, including Venus and Serena Williams. In addition to existing venues and infrastructure that makes the Games affordable, LA 2024 would generate substantial revenues from domestic sponsors and ticket sales from the world's largest economy, in addition to the IOC's $1.7 billion contribution from international broadcast and sponsorship revenues. LA 2024's estimated budget will be included in its February 2017 submission to the IOC. 

In the unlikely event of a cost overrun, the State of California's “Olympic Games Trust Fund” established by the legislation would begin payments after LA 2024's significant private insurance payouts have been exhausted and the City of Los Angeles contributes $250 million. The state's financial support is consistent with its longstanding practice of supporting California bid cities. 

California is the world's sixth largest economy, with a gross state product of $2.5 trillion in 2015, growing 4.1% from 2014 adjusted for inflation. In August, California added 63,100 new jobs, representing 42% of the total number of new jobs added in the United States. 

LA 2024 Chairman Casey Wasserman said: “On behalf of LA 2024, I would like to thank Governor Brown, Senate President Pro Tem De Leon, Assembly Speaker Rendon and the entire California legislature for their continued leadership in supporting LA 2024 as we leverage the best California has to offer, from Hollywood to Silicon Valley, to create a New Games for a new era. The state’s financial support underscores the united support behind bringing the Games back to LA, but also confidence in our city’s ability to host a fiscally responsible Games that is high-tech, low-risk and sustainable and would allow us to spend the years leading up to 2024 focusing on creating the best possible experience for athletes, fans and all other members of the Olympic family. With only temporary venues to build and existing high-quality housing facilities for an Olympic Village that currently serves over 16,000 residents at UCLA, the City of Angels is Games-ready with the Olympic Movement in our DNA. We are proud to be California’s bid and America’s bid to bring the Games back to the United States for the first time in 28 years.” 

The state’s financial support is the latest show of government support for LA 2024’s bid to bring the Games to the City of Angels following the enthusiastic endorsement of President Barack Obama and First Lady Michelle Obama in September 2015, a bipartisan US Senate and House resolution supporting LA’s bid in July 2016, and the bid's close working relationship across federal, state and local government agencies. Along with the bid’s strong political backing, a poll conducted in January and February of 2016 by Loyola Marymount University shows that 88% of Los Angeles residents support hosting the Olympic and Paralympic Games in 2024.





 

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40 minutes ago, JesseSaenz said:

It was a very crowded field with two very strong front runners.

Rome should bid again at some point, but I think now was just not their time.

Neither was 2020.  This is 2 times in a row they've put a bid in and withdrawn it.  Economic concerns were more pressing last time, but this is not a good look to the IOC that they've now done this twice in a row.

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29 minutes ago, Quaker2001 said:

Neither was 2020.  This is 2 times in a row they've put a bid in and withdrawn it.  Economic concerns were more pressing last time, but this is not a good look to the IOC that they've now done this twice in a row.

Economic reasons were sited this time around too. The mayor publicly proclaimed that Rome had trouble keeping up with basic city services.

The costs to Rome would be too high.

 

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30 minutes ago, mr.bernham said:

I personally think that if Paris wants to win, they should come here and print out all of Ruff's responses and send them to IOC members. Those comments seemed to make everyone here pro-Paris, maybe it will work its magic in the IOC. 

Yea, that's a brilliant strategy.  Focus on what the other guys are doing and rely on "magic."  Paris doesn't need magic.  They need to focus on themselves, present what they've got, and I think that's going to get the job done for them.  What purpose does it serve for them to try and base any sort of strategy on what LA is doing?  Not necessary for them.

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23 hours ago, FYI said:

What is it with you Brits that you can't pronounce Los AngeLESS correctly. All I can think of is Bugs Bunny when I hear Los Ange"LEES". 

The LA Times used to insist it should be "Loce AHNG-hayl-ais" :blink:

Luckily, the British pronunciation is just about exactly as wrong as the British (and probably American) pronunciation of "Paris"- so it all balances out in the end.

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2 hours ago, JMarkSnow2012 said:

Luckily, the British pronunciation is just about exactly as wrong as the British (and probably American) pronunciation of "Paris"- so it all balances out in the end.

 

Well, Pah-rees is right in a certain context.  The original Leutetians were also called the Parisi, so Paris is right.  Plus no Paris Hilton would be caught dead being called Paree Hilton!  And it's always been Prince Pah-rees of Troy never Prince Pahree.  Prince Pahree sounds too gay!! ;-)  

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16 hours ago, JMarkSnow2012 said:

The LA Times used to insist it should be "Loce AHNG-hayl-ais" :blink:

Luckily, the British pronunciation is just about exactly as wrong as the British (and probably American) pronunciation of "Paris"- so it all balances out in the end.

That pronounciation is the actual Spanish version, though, but it's more like 'Lose (like Bose [speakers] or hose) Ahn-he-LESS', which is much more in line with the way we pronounce it here, in English. At least it's not the "official" 20-word version of the city! lol

The thing with Paris, though, is that it's neither a U.S. nor U.K. city for such a faux paux British pronunciation of L.A. That would be like us Americans pronouncing London as 'Lawn-Dawn'. And I'm sure such a mispronounciation of your capital from us "yanks" would drive you guys batty over there.

But at least we both spell Paris right. Unlike the Italians who totally mock up the pronounciation & the spelling with PARIGI! But then again, it's so Italian sounding! :lol:

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