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Los Angeles projects $161 million surplus on Olympics before major city

The US city of Los Angeles is closer to making a formal bid to host the 2024 Olympics after publishing a new proposal late on Tuesday.

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However, the full city council must still decide whether to back a bid.

A decision to incorporate a skateboarding venue into may be viewed as premature by Los Angeles as the sport has not yet been accepted onto the Olympic programme as part of the global Roller Sports Federation’s (FIRS) bid for inclusion for Tokyo 2020.

“The political leaders of Town, County and Area stands in lockstep support of bringing the 2024 Games to La”, the bid novel reads.

The seven-person panel would be chaired by Council President Herb Wesson, with Councilman Gil Cedillo as vice chair.

“We will vet this until we are satisfied”, Wesson said. “Today is the beginning of that process”.

If backed by the panel, the agreement would go to the City Council for a vote as early as next week.

“Our existing world-class venues would make the Games exciting, fiscally responsible and profitable”, said Jeff Millman, a former Garcetti aide working for the private committee behind LA’s bid.

“I’m very confident we will do our job and come up with a plan that will protect our city”, Wesson said.

Los Angeles made an estimated $250 million profit on the 1984 Olympics, according to Business Insider.

The bid packet calls for the Olympics Village to be next to the Los Angeles River in Lincoln Heights – in a Union Pacific rail yard known as the “Piggyback Yard” – and for the Olympics Stadium to be at a newly renovated Los Angeles Memorial Coliseum.

The Los Angeles plan projects spending $4.1 billion; Boston’s operating budget was about $4.6 billion, but billions more could have been needed for construction, security and other costs.

The U.S. Olympic Committee last month cut talks with Boston, which was initially selected as the U.S. contender for the 2024 Games.

Following the discussion, the committee will advise Los Angeles City Council on whether or not to agree to sign the Joinder Agreement – the first step towards Los Angeles bidding for the 2024 Games.

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The Los Angeles proposal envisions events taking place across the region, from gymnastics at the downtown Staples Center to volleyball on Santa Monica Beach.

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