Around half of the 32 venues for the Olympic and Paralympic Games have been relocated since initial plans were announced, with temporary venues for the Main Stadium and Athletes' Village finalised.

Locations for four sports are still to be found, including a velodrome and swimming pool, as well as golf and some basketball venues.

Announced on the eve of a crunch United States Olympic Committee (USOC) Quarterly Board Meeting in Redwood Springs, California, at which the bid will be discussed, the plans have already been criticised by opposition group No Boston Olympics, who claim it still favours other groups rather than the taxpayers of Massachusetts.

More than 4,000 construction jobs will be created in the early stages of build-up, it is claimed, with 54,300 during the event itself, while 8,000 total units of new housing are envisaged.

Half of this total would be at the site of the Games-time Athletes' Village and the remainder in a newly-created neighborhood adjacent to the 69,000-seater temporary Main Stadium.

The plans includes $210 million (£133 million/€180 million) in surplus funding, available in case of higher costs or less than anticipated revenues.

A total of $128 million (£81 million/€ 130 million) in insurance premiums have also been allocated, billed as the highest ever proposed in Olympic bidding history. The plans includes $210 million (£133 million/€180 million) in surplus funding, available in case of higher costs or less than anticipated revenues.

A total of $128 million (£81 million/€ 130 million) in insurance premiums have also been allocated, billed as the highest ever proposed in Olympic bidding history. 

Steve Pagliuca, the Boston Celtics co-chair who replaced John Fish as bid leader last month, described “Bid 2.0” as a more in-depth version of the initial plans which proved enough for the city to win a four-horse domestic contest with Los Angeles, San Francisco and Washington D.C.

“The bottom line is that while no project is ever completely without risk, our fact-based analysis shows that the Games represent historic economic development opportunities that we may not see again,” he said.

“These are opportunities above and beyond the spotlight that will be on Boston for three weeks in the summer of 2024 - three weeks in which Boston will lead the world in celebrating humanity’s noblest dreams and aspirations.

"But none of this will come our way without the Games.

"There is no scenario in which this kind of infrastructure investment, this level of job creation, or this degree of revenue generation otherwise occurs on a similar timetable.”

Since January Boston has faced widespread local criticism, however, with opinion polls finding public support of around 40 per cent, which would not be enough to win a referendum set for the end of next year.

It remains to be seen how much today's announcement will affect popular opinion, but No Boston Olympics have been quick to condemn the plans.

"We applaud Steve Pagliuca for offering a complicated proposal on a tight deadline, but the bid makes clear in a variety of ways that Boston 2024’s masters continue to be the IOC and the private interests that will benefit from the proposal, not the taxpayers of Massachusetts," a statement said.

"The plan contains scant new detail for how Boston 2024 will protect taxpayers from the risk of massive cost overruns that have plagued the Olympics.

"Without written protection for taxpayers, the new financial plans carry little credibility.

"The bid document talks in vague terms about insurance, but Boston 2024 still cannot produce an insurance policy or an insurer willing to provide it.

"Boston 2024’s only real insurer is the taxpayers of Massachusetts."

Boston will go up against Rome, Hamburg and Paris, with a bid from the Hungarian capital of Budapest set to be officially confirmed in the next few weeks.

Azerbaijan's capital is also widely expected to bid following the success of the European Games, which closed yesterday. 

The IOC is due to elect the 2024 Olympic and Paralympic Games host city at its session in the Peruvian capital Lima in 2017.

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