The city of Los Angeles and LA28, the private organization behind the 2028 Olympics, agreed upon a new contract in early December that lays out how the games will impact Angelenos.
The agreement breaks down future operations to address funding, homelessness, transportation, sustainability and accessibility efforts ahead of the Olympic Games.
Casey Wasserman, chair of the LA 2028 Olympic Organizing Committee, details the agreement with "Inside the Issues" host Alex Cohen by stressing that Los Angeles has no financial obligations.
"This isn't on the city budget. This isn't the city's responsibility to operationalize or deliver. It's our responsibility," the LA28 chair emphasized.
To avoid financial distress, the city is requiring LA28 to deposit up to 10% of its yearly earnings into a contingency fund to cover possible additional expenses after the Olympics are over. By 2029, the organization must have $270 million saved in the fund.
The proposed contract also states that LA28 cannot use any LA city funds without the city's approval.
Wasserman said the organization is financially stable and argued that Los Angeles is extremely well prepared to host the games since it's already a tourist destination.
"LA is built on the backbone of bringing people to visit our incredible city, and that's Universal and Disneyland, it's Hollywood Boulevard, it's the Hollywood Sign. It's the beaches at Santa Monica Pier, it's Malibu… it's also big events, the Academy Awards every year, All-Star games, Super Bowls, the World Cup, the Grammys," he added.
The new contract outlines LA28's goals to make the games an inclusive and diverse space that reflects LA at large. The organization must hire workers from marginalized communities or those who have faced barriers to employment in the past.
Likewise, LA28 committed to making all Olympic events and venues accessible for people with physical disabilities.
Many Olympics critics fear that the city's issues with homelessness will be swept under the rug once the games arrive in 2028, but Wasserman called on city officials not to wait for a 17-day event in seven years to finally take action against a longstanding crisis.
"This is a problem we have today. It's not an LA 28 problem to solve. It's our community and our leaders and our politicians, it's everybody's problem to solve today," he said.
Wasserman also noted that as the city continues to grapple with housing affordability, rising crime rates and the COVID-19 pandemic, resilience is absolutely necessary when preparing for a major event several years in the future.
"The opportunity for flexibility while creating the guardrails that protect the city and protect our partners is the right structure, and shame on us if we haven't learned the lesson that being flexible and adaptable is probably going to be our most valuable asset," he added.
Wasserman, a born and raised Angeleno, expressed excitement for his city to have a big moment on a global stage and noted that despite these troubling times, he has no doubt Los Angeles will shine as the host of the 2028 Olympic Games.
"I mean, that is what this city is about, and what it's built on and what will continue to make it one of the most important cities in the world."
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