Los Angeles today published revised details of its bid to host the 2024 Olympics and Paralympics ©LA24

Los Angeles today published a new version of its bid to host the 2024 Olympics and Paralympics ahead of a crucial meeting tomorrow of the City's Council which is expected to give formal approval for the campaign. 

The document includes more details of Los Angeles' proposed budget of $4.1 billion (£2.6 billion/€3.6 billion), including $713 million (£454 million/€619 million) to be spent on upgrading or building new facilities.

A number of other major capital expenses would be financed by private partners, according to the proposal. 

The most significant of these is the Olympic Village, which it is proposed would be located along the Los Angeles River and be built in association with a developer, with Olympic organisers contributing a relatively modest $75 million (£48 million/€65 million). 

The Main Press Centre would be constructed on the NBCUniversal Studio lot, with Olympic officials paying $130 million (£83 million/€113 million) of the total bill.

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Los Angeles 2024 have released details of their proposed budget in their new bid book ©LA24

The Los Angeles Memorial Coliseum, originally commissioned in 1921 as a memorial to LA veterans of World War One and which hosted the 1932 and 1984 Olympic Games but which now needs major redevelopment, would undergo a facelift, beginning in 2017.

The University of Southern California would invest $500 million (£319 million/€434 million) and Los Angeles 2024 $300 million (£191 million/€260 million). 

The new proposal also reveals that officials believe the Games can make a surplus of $161 million (£103 million/€140 million) due to a $1.5 billion (£96 million/€1.3 billion) contribution from the International Olympic Committee (IOC), $1.4 billion (£892 billion/€1.2 billion) in domestic sponsorships and $1.1 billion (£701 million/€954 million) in ticket sales. 

It is estimated that a total of $4.7 billion (£2.9 billion/€4.1 billion) will be raised in revenues but there will be a $400 million (£255 million/€347 million) contingency fund and $150 million (£96 million/€130 million) in insurance premiums.

Details of the updated proposal, including a new logo, were revealed by Casey Wasserman, chairman of the LA2024 Exploratory Committee, in a Twitter message. 

"The world in one place, the new Los Angeles is a showcase of diversity and inclusion of the people and cultures of the world," the introduction of the 211-page document says.  

"We are a different city everywhere you look: new neighborhoods, a new transit system, all new airport terminals, a revitalized river, and new stadiums and arenas.

"We are investing in the future with the biggest public works project in the country.

"The Olympic and Paralympic Games will be a beneficiary, not the primary reason for change - an opportunity to welcome the world to a city reimagined.

"Just like our city, creating the most successful, modern and sustainable Games means reimagining every aspect.

"The people and leadership of Los Angeles are united in our desire to host the 2024 Olympic and Paralympic Games, and we welcome new ideas and new ways of doing things.

"We have assembled an experienced and collaborative team to leverage our scale, public support, infrastructure and iconic venues to elevate the athletes and the Olympic Movement without distraction.

"Like the Olympic Movement, we believe anything is possible.

"That if you can dream it, you can do it."

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Los Angeles Memorial Coliseum, which hosted the 1932 and 1984 Olympics, will undergo a major facelift if the city is chosen to host the Games for a third time ©LA24

Los Angeles Mayor Eric Garcetti has already guaranteed that he will sign the controversial Host City contract which his counterpart in Boston, Marty Walsh, refused to do - leading to the collapse of that city's bid. 

If Los Angeles City Council vote to rubber stamp the bid for 2024 then the United States Olympic Committee are expected to formally submit it to the International Olympic Committee by the deadline of September 15. 

Los Angeles would join a field which already includes Budapest, Hamburg, Paris and Rome with Baku and Toronto still considering bids. 

The IOC are due to choose the host city at its 130th Session in Lima in 2017. 

To read the full bid document click here.

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