Dive Brief:
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Los Angeles is ready to spend $4.1 billion preparing for the 2024 Olympics, according to a proposal the City Council is scheduled to discuss Friday and vote on likely by next week.
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The project would include an $800 million makeover of Los Angeles Memorial Coliseum, where the University of Southern California plays its home football games, according to a Newsday review of figures released this week by the city. The plan also includes construction of an Olympic Village for athletes.
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City Council members delayed a scheduled vote on Wednesday, saying they needed more time to consider the plan, which Mayor Eric Garcetti released to them just this week. The U.S. Olympic Committee has a Sept. 15 deadline to enter a bid for a U.S.-hosted Olympics to the International Olympic Committee.
Dive Insight:
Officials have said they expect to profit $161 million if the event is held there, according to Newsday. Before the discussion began, however, city analysts cautioned that construction costs for the Olympic Village might be significantly underestimated.
Boston, whose bid fell apart last month — in part because of a lack of support from taxpayers — had proposed a budget of $4.6 billion, and many speculated that the number was billions of dollars short of what would be needed.
Several host cities have underestimated the cost of shoring up for the Olympics. The 2014 Sochi Olympics in Russia, considered the most expensive Olympics ever, wound up costing $51 billion.
Still, city officials said Los Angeles can handle it: "In Los Angeles, the spotlight is always on,” the proposal said. “We have the resources, experience and secure environment to share the biggest events with the world."
