LA city to get more oversight in 2028 agreement
Los Angeles 2028 Olympic bid chiefs will give more oversight to city officials as they attempt to fine-tune details of their hastily revised plans to stage the Games, documents showed Wednesday. LA 2028, the City of Los Angeles and the United States Olympic Committee released a new memorandum of understanding in preparation for the 2028 Games in a bid to seek formal approval on Friday. Los Angeles was granted the right to stage the 2028 Olympics after cutting a deal with Paris to step aside in the race for the 2024 Games.
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. The City Council had already given unanimous support to the LA 2024 bid and is expected to back 2028 at a meeting on Friday. However a city report released last week by the Office of the City Administrative Officer and Office of the Chief Legislative Analyst outlined risks in shifting to 2028 "The additional four years add uncertainty concerning future economic and political conditions," the report said.
"Although such uncertainty exists with the 2024 Olympic Games which will occur in seven years, the four-year extension increases those uncertainties." 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.