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Miguel Bustillo, Los Angeles Times staff writer
March 26, 2002
March 26, 2002—Gov. Gray Davis signed into law Monday legislation that would provide up to $250 million in public money to help finance San Francisco's 2012 Olympic bid.
The group pushing to bring the Summer Games to the Bay Area has touted its effort as relying entirely on private backing. At the same time, however, it quietly began pushing a measure in Sacramento to provide up to $250 million in backup public financing to cover unforeseen debts. The money would be used only if private financing for the Games came up short.
The Bay Area Sports Organizing Committee, the group leading the push for the San Francisco bid, maintains it still plans to orchestrate the Games without a cent of taxpayer money. But it said it was advised by the U.S. Olympic Committee that it needed some government backing as part of its bid. In November, the USOC will choose the American host nominee from four finalists--Houston, New York, San Francisco and Washington. The International Olympic Committee will choose the host city in 2005.
The state financing measure by Senate President Pro Tempore John Burton (D-San Francisco) passed both houses of the Legislature on Thursday, and was signed by Davis a day before the Bay Area group must submit details on its financial guarantees to the national body.
The group hailed the signing as a major boost to its candidacy. The urgency measure, which was approved by special majorities in both houses, took effect immediately.
"Gov. Gray Davis has given an enormous boost to the San Francisco Bay Area's bid and demonstrated his economic vision and leadership for the state of California," Anne Cribbs, a 1960 Olympic swimmer who serves as president of the Bay Area group, said in a statement. "This law provides tangible government support as a last resort, but does nothing to change our absolute commitment to hosting a privately financed, privately insured Olympic Games."
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