LA City Officials Hustle to Meet Olympics Budget Deadline

Evrard Martin
Août 11, 2017

Los Angeles Mayor Eric Garcetti speaks at the podium as he announces a deal has been reached with the International Olympic Committee to host the 2028 Summer Olympics.

In addition to the lack of an independent analysis of a formal budget for 2028, another potential risk factor is that part of the '24 deal included a $250 million guarantee from the state of California to cover possible cost overruns.

Los Angeles is on track to host the Olympics four years later than it originally planned.

"This new MOU ensures that our City priorities remain front-and-center in LA 2028's preparations for the Games".

The memo would provide City representation on the LA 2028 Board of Directors, gives the City consent rights over significant venue changes within the City of Los Angeles and $270 million of the projected $500 million Games budget contingency and more frequent LA 2028 presentations and updates to the City Council in the first three years.

The LA City Council still needs to approve the new MOU at its meeting on August 11. Prior to the City Council meeting and vote, the ad hoc Olympic Committee will discuss the new proposal and pass forward its recommendation to the full membership.

The move, which was encouraged by the International Olympic Committee, means that Los Angeles is required to tweak plans for the Olympics in order to receive final backing from the City Council.

"If approved by the Los Angeles City Council on Friday, this new MOU would enhance the strong provisions that were developed to protect the City of Los Angeles from financial risk when it was a candidate to host the Games in 2024", LA 2028 said in a statement.

The vote will take place less than two weeks after the city announced an agreement with worldwide Olympic leaders that will open the way for Los Angeles to host the 2028 Games, while ceding the 2024 Games to rival Paris.

The IOC membership is also expected to rubber stamp the unprecedented procedure.

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