Van Nuys, Calif. – The Valley Industry & Commerce Association (VICA) welcomes today’s report from the Los Angeles 2024 Exploratory Committee (LA24 Committee) to bring the Olympic Games back to Los Angeles. The report affirms the Committee’s determination to provide an unparalleled Olympic experience that minimizes risks and gives back to the city of Los Angeles.
Los Angeles has a strong history of hosting the games twice in the past, in 1932 and 1984. The report, a compilation of work from the UC Riverside School of Business and Beacon Economics, highlights the economic, fiscal and social benefits of hosting the games. The 2024 Games will generate between $13.3 billion and $14 billion in economic output throughout the state of California. Across the county, the Games would generate between $17.4 billion and $18.3 billion in economic output.
“VICA is proud to support an Olympic bid that represents the best of Los Angeles, California and the United States of America. The LA24 Committee has put together a package that reduces the financial risk for local tax payers while ensuring strong economic growth across local communities,” VICA President Stuart Waldman said. “In addition – thanks to the passage of Measure M - transportation and infrastructure projects are being completed independently of the bid. This is a bid that brings economic and social gains throughout Los Angeles County with minimized risk.”
The International Olympic Committee (IOC) will continue to review the bid packages submitted by host cities and is expected to decide in September 2017.
The mission of the Valley Industry & Commerce Association (VICA) is to enhance the economic vitality of the greater San Fernando Valley region by advocating for a better business climate and quality of life. Visit www.vica.com for more information