SACRAMENTO (CBS13) — California lawmakers are approving legislation to put state taxpayers on the hook for up to $250 million if Los Angeles is awarded the 2024 Olympics and the Games go over budget.
The Senate voted 36-1 to send SB1465 to Democratic Gov. Jerry Brown.
LA Olympics boosters say the state guarantee would bolster their case against rivals seeking the games in Paris, Rome and Budapest, Hungary. LA officials insist their budget is sustainable, uses minimal new construction and has insurance protection. They also say the 1984 Los Angeles Olympics were profitable.
Critics say the guarantee is not a good use of tax dollars.
The state provided similar guarantees for Los Angeles’ bid for the 2016 Olympics and San Francisco’s attempt to land the 2012 games.