1. WHY LOS ANGELES?
Los Angeles is well positioned to host a sustainable, fiscally responsible and inspiring Olympic and Paralympic Games that will directly benefit our community, the International Olympic Committee and the wider Olympic Movement.
Los Angeles is investing in its future. Everywhere you look, LA has something new: revitalized neighborhoods, the fastest growing mass transit system in the country, new airport terminals upgraded by a $7 billion renovation, world-class cultural attractions and state-of-the-art sports venues.
You can see the world on the streets of Los Angeles. With Angelenos from 115 countries and speaking 220 languages, Los Angeles is a place everyone can call home. During the 2024 Games, every athlete will have a home-field advantage.
Los Angeles already has many Olympic-quality arenas and stadiums. 85% of the venues in our proposed plan exist today, allowing our city to host a fiscally responsibly Games primarily with current venues. 80% of our venues are new since 1984 or have undergone major renovations since 1984.
Our Olympic heritage is a source of pride for Angelenos. The LA84 Foundation, the philanthropic legacy organization from 1984, has introduced more than 3 million children to Olympic and Paralympic sport over the last 30 years, trained 75,000 coaches and invested $225 million in 2,200 community-based youth sports programs.
With the 2024 Olympic and Paralympic Games, we look forward to bringing Angelenos, Americans and the world closer together through the Olympic values of excellence, friendship and respect. In doing so we seek to create a lasting legacy to benefit our youth and the world’s youth for generations to come.
2. WHAT IS THE STATUS OF LA2024’S BID TO HOST THE 2024 GAMES IN LOS ANGELES?
On September 1, 2015, the United States Olympic Committee announced Los Angeles as the Candidate City to represent the U. S. in its bid to host the 2024 Olympic and Paralympic Games.
All National Olympic Committees must submit their selected bid city to the IOC by September 15, 2015. The LA2024 Bid Committee and all of its competitors will then engage in a highly structured two-year bid process that culminates with the IOC’s Host City selection and announcement on September 15, 2017 at the 130th IOC Session in Lima, Peru.
3. WHO IS LEADING THE EFFORT?
Mayor Eric Garcetti and Casey Wasserman are leading the LA2024 Bid in partnership with the leadership of the United States Olympic Committee. See the “Leadership” page for more information on each of them.
4. HOW DOES THE IOC ELECT A HOST CITY?
On August 2, 2015, the International Olympic Committee announced a new bidding process that will be used for the first time to elect the Host City for the 2024 Olympic and Paralympic Games. The changes are designed to realign the bid process with the implementation of the IOC’s Olympic Agenda 2020 reforms.
The bid process officially starts on September 15, 2015 – the deadline for the USOC and other National Olympic Committees to confirm their intention to bid for the 2024 Olympic and Paralympic Games. All bidding cities will then receive a detailed Bid City Questionnaire. Bidding cities will be required to complete the questionnaire in three stages during the bid process.
The key questionnaire phases, themes, and dates are:
· Phase 1: Vision, Games Concept and Legacy (September 2015 to May 2016)
· Phase 2: Governance, Legal and Venue Funding (May 2016 to December 2016)
· Phase 3: Games Delivery, Experience & Venue Legacy (December 2016 to September 2017)
During the bid process, the IOC will assess each bid city based on numerous questions and criteria. To conduct this assessment, the IOC will establish an Evaluation Commission. This Evaluation Commission will conduct a detailed assessment of each city that will include site visits, technical presentations, and bid city workshops. Once the assessment is complete, the Evaluation Commission will produce a report to inform the IOC membership of the strengths, weakness and opportunities presented by each bid city.
The bid process will culminate at the IOC General Assembly in Lima, Peru in September 2017. At that assembly, the IOC Members will vote on and announce the 2024 Olympic and Paralympic Games Host City.
5. IF THE IOC SELECTS LOS ANGELES TO BE THE HOST CITY, WHEN WOULD THE OLYMPIC AND PARALYMPIC GAMES TAKE PLACE?
Should Los Angeles be awarded the 2024 Olympic and Paralympic Games, the Olympic Games will be held over a two week period in the months of July and August. The Paralympic Games would begin 10 days after the Olympic Games Closing Ceremony.
6. WHERE WILL THE OLYMPIC VENUES BE LOCATED?
LA2024 plans to host the 2024 Olympic and Paralympic Games in some of the city’s most iconic venues. These include a refurbished Los Angeles Memorial Coliseum, Staples Center, UCLA’s Pauley Pavillion, USC’s Galen Center, The Forum, the StubHub Center and the Rose Bowl. The San Fernando Valley, the Los Angeles Harbor and our legendary beaches will also host several sports. 80% of the venues will be new or remodeled since LA84. You can see more of our plan here.
7. HOW WILL THE OLYMPIC GAMES BE FINANCED? WHAT IS THE DIFFERENCE BETWEEN THE OCOG AND NON-OCOG BUDGETS? WHO PAYS FOR THE GAMES?
The basic principles of financing for the Olympic and Paralympic Games can be broken down into two distinct budgets:
THE ORGANIZING COMMITTEE FOR THE OLYMPIC GAMES (OCOG) BUDGET
LA2024 proposes a privately financed OCOG budget that is funded by approximately $4.827 billion in revenue. The OCOG budget will benefit from a significant contribution from the IOC to stage the Games. This contribution comes from the IOC’s various revenue sources, including The Olympic Partner (TOP) program, which is the IOC’s global corporate sponsorship program, and the sale of broadcast rights for the Olympic Games across all continents. For the Rio 2016 Olympic and Paralympic Games, the IOC will contribute more than $1.5 billion.
As part of its contribution, the IOC also pays for the host broadcast operations, Olympic Broadcast Services (OBS), and provides various forms of Games support to the OCOG through its “Transfer of Knowledge” programs.
The IOC also empowers the OCOG to commercialize the Olympic rights in its home country through sponsorship and licensing programs and ticket sales, all of which produce significant revenues.
The LA2024 OCOG budget includes all costs that are directly related to the delivery of the Games and operation of the OCOG, from the OCOG’s inception in 2017 through post-Games and OCOG wind down in 2025. These costs include; preparation, fit-out and breakdown of Games-time competition and non-competition venues; Games-time venue and OCOG operations; and key services such as Games Technology, Games Services, Workforce, Support Services and Games Ceremonies.
The LA2024 OCOG budget includes a $400 million contingency that can be used to fund any unexpected expenses (including venue cost overruns), as well as over $150 million to cover the premiums on insurance policies that will protect the City of Los Angeles against potential liabilities. The OCOG’s net position, after accounting for all costs, contingencies and insurance premiums, is currently projected to be approximately $161 million.
THE NON-OCOG BUDGET
The Non-OCOG budget represents the total amount forecasted for private capital investment developments that will be used during the Games and will contribute to the legacy of the Games after they are concluded. These projects include: the development of the Olympic Village, which will provide LA with a legacy of new housing post-Games; refurbishments and upgrades to several sports venues; and new developments and commercial property for LA’s business community. These projects will benefit the city beyond Games in 2024 and represent significant legacy opportunities to the City of Los Angeles, the business community, and LA’s academic institutions.
As the LA2024 bid progresses, we will continue to update both the OCOG and non-OCOG budgets based on realistic and conservative financial planning and forecasts.
8. WHAT ARE THE PROTECTIONS AGAINST POTENTIAL OVERRUNS?
LA2024 is committed to hosting a fiscally responsible and profitable Games that includes multiple protections against any potential cost overruns. This includes a realistic and conservative Games budget that leverages the abundance of existing venues available in Los Angeles and conservative estimates for expenses and revenues. LA2024’s Games budget projects a net position of $161 million, with an additional $200 million to reimburse the city for services and expenses, and a $400 million contingency to protect against the unknown as part of the decade-long planning process.
If Los Angeles is selected as the Host City for the 2024 Olympic and Paralympic Games, the OCOG will indemnify the City for all of its incremental costs and obligations related to the operations of the Games. LA2024 has also budgeted $150 million to purchase a substantial insurance package to protect the City against unexpected liabilities. LA2024 has consulted with insurance specialists about the potential opportunities and availability of particular insurance policies. While the City will be a beneficiary of this insurance, all of the premiums will be paid by LA2024 from the revenues generated from the Games at no cost to the City.
9. HOW IS SECURITY COVERED AND WHO PAYS FOR IT?
Los Angeles is the world’s stage for successfully hosting major international events. From world championships in premier sports to the annual Academy Awards, Grammys and Emmys, Los Angeles’ experience with developing and executing robust security plans ranks among the top of all international cities.
Based on significant precedent, LA2024 anticipates that the federal government will lead security for the Games and provide necessary funding. LA2024 expects to be designated a National Special Security Event (NSSE). As a result, the United States Secret Service would become the lead agency in charge of event security; the FBI would take the lead on intelligence and counter terrorism; and FEMA would take the lead on incident response management. Each of these federal agencies would work closely with state and local authorities to ensure a cohesive and seamless security plan.
Significant federal funding for security will be required for hosting the Games in Los Angeles, and LA2024 and the City of Los Angeles will be working closely with Congress and the relevant federal agencies to secure that support. The federal government has authorized reimbursement for expenses incurred by local law enforcement agencies in past NSSEs, and look forward to collaborating with the relevant federal agencies to make LA2024 the safest and most secure Games in history.
10. HOW WILL THE VILLAGE BE FINANCED AND WHAT WILL HAPPEN TO IT AFTER THE GAMES HOW WILL THE VILLAGE BE FINANCED AND WHAT WILL HAPPEN TO IT AFTER THE GAMES?
The Olympic Village will be privately developed. Discussions surrounding the location and development of the Village are currently ongoing; however, if Los Angeles is awarded the Games, the OCOG will work closely with the City of Los Angeles to determine how best to proceed with the land acquisition and development.
Following the Games, the Olympic Village will leave a legacy of thousands of units of housing near downtown Los Angeles, and will incorporate a mix of residential types, community based retail, necessary social infrastructure and public open spaces.
Swimming news courtesy of Los Angeles 2024 Bid Committee.
