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>> LA getting the green light to bid for its third summer Olympics. The 2024 games of the 33rd Olympia. Los Angeles seek counsel on Wednesday unanimously approving the bid to host the festivities.>> In today's political landscape I don't need to tell you that finding common ground isn't always easy, but there is common ground here today.
>> After Boston dropped out in 2015, LA has been the only city left in the US vying for the 2024 games. The crushing costs of hosting the Olympics, prompting many other cities around the world to drop out, including Rome and Hamburg, Germany. LA preaching practicality with its game concept slogan, LA 2024 is about what we have, not what we're going to build.
And utilizing the infrastructure LA already has could save the city a bundle says Reuters reporter Alex Dobzanski.>> The city's plan for hosting the Olympics without expanding public funds relies on using existing venues. Existing venues like the 101 year old memorial coliseum, it'll be a 101 in 2024, and some other venues like UCLA, University of California at Los Angeles.
Well, that would become the Olympic Village instead of having to build a whole new Olympic Village.>> LA hosted the games in 1932 and in 1984 turning a profit for both. In its last Olympics, the city had a $93 million surplus, that still helps fund youth athletic programs today.
Los Angeles is in the running with Budapest and Paris to host the games. The International Olympic Committee will announce its final decision in September.