The L.A. City Council "has signed off on a Memorandum of Understanding" with the L.A. 2024 bid committee for the '24 Summer Games, and the two sides "will now focus on finding a location and funding for an Olympic Village," according to Scott Reid of the ORANGE COUNTY REGISTER. Under the MOU approved Friday, the city "would have the right to review and approve the agreement" between the host city and the IOC and the Games’ marketing program agreement. The MOU "prohibits L.A. 2024 from committing the city to any financial agreements without the approval of the City Council." It also "allows the city to hire an academic institution or nationally renowned accounting firm to review the host city agreement prior to it being submitted to the IOC." The village and security for the Games "have been council members’ biggest concerns" with the bid. L.A. 2024 has "narrowed its list of potential Village sites from two dozen to approximately five" (ORANGE COUNTY REGISTER, 1/16).
SECURED COSTS: In L.A., Dakota Smith noted some estimates show that if L.A. hosts the '24 Games, security for the event "could easily top" $1B. Seeking to "ensure the federal government picks up that tab," the L.A. City Council on Friday "agreed to seek a 'National Special Security Event' designation for the Games" (L.A. DAILY NEWS, 1/16).
