SAN FRANCISCO-San Francisco’s bid to become the host city for the 2012 Olympic Games got a boost today when Gov. Gray Davis approved legislation that would provide a $250 million financial safety net for the project.

Davis’ support, which follows endorsements from the San Francisco Board of Supervisors and Mayor Willie Brown, was the last hurdle the committee needed to clear before the U.S. Olympic Committee Site Evaluation Task Force conducts its final visit of the San Francisco site proposal July 14 and 15.

Representatives for the Bay Area Sports Organizing Committee, which is spearheading the bid, said the legislation authored by Senate President Pro Tem John Burton, D-San Francisco, does not require appropriation from the state’s general fund but it does gives future legislators leeway if the $2.8 billion project goes over budget.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.