Los Angeles just made history. Today, the City Council authorized a contract that will make Los Angeles the host city for the 2028 Summer Olympic Games. LA will be the first city in modern times to host the Summer Games on three occasions, most recently in 1984, a year still etched in the minds of anyone living in our great city at the time.At the beginning of this journey, LA was bidding for the 2024 games. Over nearly two years of work by Mayor Garcetti, the LA24 organization and the City Council's Ad Hoc Committee on the Olympics, we vetted the bid and examined how it would impact Angelenos. During that time, we thoroughly reviewed the budget, heard from hundreds of community members and had many discussions to ensure that LA taxpayers were protected from any possible cost overruns. We arrived at a responsible agreement with many advantages for the city. As it became clear that the International Olympic Committee wanted to award both the 2024 and 2028 games at the same time, things changed and LA suddenly became the front runner for 2028, with Paris taking 2024.While it's different than what we first contemplated, this outcome is better for everyone. We now have the certainty that two world-class cities with great Olympic traditions will host the 2024 and 2028 games. We also have four more years to prepare and garner additional revenue for 2028.
Councilmember Krekorian and his son greet Olympic Champion Carl Lewis at City Hall. | Photo: CD2
As the Budget and Finance chair and member of the Ad Hoc Committee on the Olympics, I worked to ensure that taxpayers would be protected under our bid. It was my mission to put the needs and interests of LA's taxpayers first in every discussion we had. I am proud to report that all the work we did on the 2024 bid was carried over to the 2028 bid. More than that, we ensured that Los Angeles is getting a better financial arrangement by hosting the Games four years later than we first anticipated.
For 2028, LA will receive:
* $180 million in advance, with the vast majority going to fund youth sports programs.
* Additional time to sell international sponsorships, which will bring in more revenue for LA.
* More of the surplus revenue generated by the games, something that hasn't happened before.
* Oversight on the 2028 board with full discretion to approve the venues.
* Greater and more comprehensive insurance coverage to meet any contingency.
As you can see, there are significant financial and community advantages to hosting the 2028 Games. I am extremely satisfied that the taxpayers of Los Angeles are as protected as they can be.There is and will always be some element of risk involved, but Los Angeles is the only city in the world that has hosted two financially successful Olympics already. We are still benefiting today from the revenue raised by the 1984 Games. Our parks and the children who use them are benefiting from youth sports programs right now because of 1984.We know how to do this. This is the most cost-effective and thoroughly vetted bid in recent Olympic memory. I hope you are as excited as I am for the Summer Games to come back home.If you have thoughts, comments or memories from the 1984 Olympics you'd like to share, please email me: [email protected].