Detroit mayor says no thanks to 2024 Summer Olympics bid
The mayor said in a statement that the city’s financial instability prevent the city from being able to mount a bid for the games.
Detroit was one of 35 U.S. cities solicited to consider hosting the games.
AP Photo | Detroit News, Daniel Mears
“The bid calls for a $10 million upfront bid process payment and adding more than a $3 billion operating budget commitment - not including cost associated with venue construction and other infrastructure cost,” he said in his statement.
The Detroit city council has requested a March 12 hearing, after which Governor Snyder is expected to appoint an emergency manager for the city that faces a $327 million budget deficit and $14 billion in long-term debt.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at email@example.com. Follow him on twitter @BFreedinA2