Monday, 28 May 2018
Latest news
Main » LA City Council Unanimously Approves 2028 Olympics Deal

LA City Council Unanimously Approves 2028 Olympics Deal

12 August 2017

This time, council members will vote several months before they have a revised budget for the 2028 Games.

By signing off on the Host City Contract and other bid documents, the council agrees to two guarantees: that "city is prepared to sign the HCC without reserve or amendment" and "will guarantee that it will cover any potential financial shortfall of the OCOG, including potential refunds to the International Olympic Committee of any advance payments to the (LA 2028) by the International Olympic Committee in the event of a contingency such as a full or partial cancellation of the Games", according to report by the city chief legislative analyst and administrative officer.

City Council President Herb Wesson told the critics that "A lot of concerns brought up today. are legitimate concerns", according to Curbed, but argues that "the city would have plenty of time and opportunity to address issues like homelessness between now and 2028".

The Los Angeles City Council on Friday voted unanimously to authorize the City of Los Angeles to sign the Host City Contract with the International Olympic Committee for the 2028 Olympic and Paralympic Games.

More news: Barcelona eye up £72m move for Real Madrid's Marco Asensio

In advance of the vote, a council committee took public comment Friday morning, hearing a mix of criticism, praise and encouragement. It could be 18 months before that budget is validated by the accounting firm KPMG in a city council mandated analysis that will be paid for by LA 2028.

"Shame on you", he said.

Lewis, holder of nine Olympic gold medals in track and field, said the Games are not just an event, "it's about a whole city".

"Angelenos have powerful memories from our magical 1984 Games, and LA 2028's "Building our Legacy" video series reflects on the past, but also dreams about the possibilities for the future", said LA 2028 Vice Chair and Director of Athlete Relations Janet Evans. However, the extra four years pose challenges for Los Angeles from maintaining public interest to rewriting deals for stadiums, arenas and housing that were all hooked to 2024. At Friday's City Council vote, a large group of opponents came to voice their opinions.

More news: Nikkei flat as North Korea fears recede; financial stocks tumble

LA will need to recast financial guarantees approved by the city and state to cover potential shortfalls connected with the 2024 bid. Gov. The IOC is expected to vote to simultaneously award the 2024 and 2028 Games hosting rights when it meets in Lima in September.

Those reserve costs would apparently go up for 2028.

"There have been some thoughts that this is being rushed but this actually started two years ago", said Sharon Tso, the city's chief legislative analyst. State analysts previously concluded the 2024 plan carried relatively low risk, because it avoided major new construction projects.

This includes receiving $1.8 billion (£1.4 billion/€1.5 billion) contribution has the potential to exceed $2 billion (£1.5 billion/€1.7 billion) according to the evaluation of the Los Angeles Bid Committee when taking into account the estimated value of existing sponsor agreements to be renewed and potential new marketing deals.

More news: Uncertified eclipse glasses pose a danger to your eyes

LA City Council Unanimously Approves 2028 Olympics Deal