The bill authorizes 250 million dollars in state funds to cover any cost overruns because of the games –that’s of course if Los Angeles is successful in its bid. It allows the city to meet a requirement to qualify for the U.S. nomination. Democratic Assembly Speaker Fabian Nunez authored the measure. He says it’s a no-brainer:
“It’s great for tourism, it’s great for trade and it helps to promote California products, so it’s always a good thing for us to be involved in this.”
Supporters estimate billions in revenue if the games are held in Los Angeles – with events in other California cities, as well. In a statement, Governor Schwarzenegger said California is home to more Olympians than any other state – and said he could think of no better home for the 2016 summer games than L.A. The city is competing with Chicago for the U.S. nomination.