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Orange County Register (California)


The Los Angeles City Council unanimously approved a Memorandum of Understanding between the city and Los Angeles 2024 on Tuesday that gives the council a role in the planning of the 2024 Olympic Games and the city protection against an unexpected financial deficit should Los Angeles be awarded a third Olympic Games later this year.

The agreement follows more than a year of negotiations between city officials and the bid committee and comes less than three weeks before LA 2024 must submit Stage III documents to the International Olympic Committee on games delivery, experience and venue legacy.

Under the terms of the MOU, at least one-sixth of the members on the local organizing committees board of the directors will be appointed by the city.

The agreement also requires LA 2024 to establish an Allocated Contingency Fund of at least $250 million. The fund can be utilized only with the city's written consent. The fund will be created out of $491.9 million LA 2024 plans to set aside for contingencies.

The MOU also requires that the move of any venue outside the city receive city approval.

The IOC will select 2024 host city on Sep. 13 in Lima, Peru.

LA 2024 announced three new venues Tuesday: archery at L.A. Stadium at Hollywood Park, Modern Pentathlon at StubHub Center and mountain biking at Bonelli Regional Park

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January 19, 2017


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