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State could aid if L.A. Olympics don’t pay off

first_img 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! SACRAMENTO – In an effort to bolster Los Angeles’ bid to host the 2016 Summer Olympics, the state Assembly on Thursday approved legislation under which the state would shoulder up to $250 million of the cost if the games don’t make a profit. Los Angeles and Chicago are the two cities in the running to be the United States’ candidate to host the 2016 Games. The U.S. Olympic Committee is scheduled to make its choice April 14, with the International Olympic Committee choosing a host city in 2009. Under the legislation, California taxpayers would pay up to $250 million if the Olympic revenues do not cover the expenses associated with holding the games. Lawmakers have given California cities similar financial backing in the past.last_img read more