Aug 28, 2015 11:56 AM by News Staff
LOS ANGELES (AP) - City analysts are warning that construction costs for athlete housing in Los Angeles' 2024 Olympic bid may be significantly underestimated.
A preliminary report Thursday from Chief Administrative Officer Miguel Santana and Chief Legislative Analyst Sharon Tso finds that the cost of acquiring land and building an Olympic Village for athletes near downtown Los Angeles "may significantly exceed" the projected $1 billion cost.
The report says more study is needed.
The City Council is considering giving Mayor Eric Garcetti authority to execute agreements linked to the bid, a steppingstone toward entering the international competition for the Games.
The U.S. Olympic Committee last month cut ties with Boston, which was initially selected as the U.S. contender. With Los Angeles the likely stand-in, the USOC faces a Sept. 15 deadline to enter a bid.
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