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The final plans for the LA 2024 Olympics got approval from the city council yesterday.
The move authorizes L.A. Mayor Eric Garcetti to sign the host city contract with the International Olympics Committee if the committee awards L.A. the Olympics Games on Sept. 13, the Los Angeles Daily News reports.
Mayor Garcetti and City Council president Herb Wesson will be able to give the IOC a guarantee the city will cover possible financial shortfalls from the Olympics. L.A. is protected from such shortfalls due to a memorandum of understanding between the city and LA 2024. The bid committee has to set up an Allocated Contingency Fund of at least $250M.
The fund will come out of $487.6M LA 2024 is setting aside for contingencies, money that can only be used with written consent from the city.
Council members also approved plans for the opening and closing ceremonies and the most recent venues. [LADN]
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