Uploaded: Tuesday, Aug.
27, 2002, 3 p.m.
Alto Weekly Online Edition
Bay Area and New York are Olympic finalists
Houston and Washington, D.C., eliminated today
from running for USA bid city for 2012 Summer Olympics
by Keith Peters
Dow Jones and NASDAQ may still be wildly fluctuating, but the Bay
Area's stock to host the 2012 Summer Olympics shot way up today.
That came following the news that the Bay Area and New York beat
out Washington, D.C., and Houston as the final two contenders to
be the U.S. 2012 Olympic Bid Candidate city.
The announcement was made in Chicago by Charles H. Moore, chairman
of the 10-person USOC task force responsible for choosing the city
to represent the United States against foreign bid contenders for
the 2012 Summer Games. The final decision to which U.S. city will
compete against the world will be made Nov. 3, with the site of
the 2012 Games being announced in 2005.
The next step in the bid process will include tours of the Bay
Area and New York by the U.S. Olympic Committee, which will receive
further documentation from both candidates before the USOC's final
decision is made.
Members of the Bay Area Sports Organizing Committee, chaired by
president Anne Cribbs of Palo Alto, gathered at San Francisco's
Fort Mason Center today to hear and see the televised announcement
from Chicago. About 100 people erupted in applause, shouts and high
fives once the good news arrived.
While New York's plan is the most expensive at a proposed $3.2
billion and that numerous venues would have to be built, the Bay
Area's $2.2 billion bid is more attractive with 78 percent of the
athletic venues needed already in place and 92 percent of the venues
within a 32-mile radius.
Said Cribbs before today's announcement: "California is the future."
While Washington, D.C. originally was considered a frontrunner
along with the Bay Area, Moore pointed to two areas that likely
proved decisive in the decision-making process --- the international
appeal and how to market it plus the financial stability of the
The Bay Area certainly received high marks as a metropolis with
an international flavor. It also proved this year that it could
stage international events like the Modern Pentathlon World Championships
at Stanford and the recent USA-China men's exhibition basketball
game in Oakland.
The Bay Area's bid also was the only one with a private plan,
with the second-lowest capital expenditures ($211 million) and highest
projected surplus ($400 million) among the four USA cities. The
bid also covers two forms of guarantees to cover any financial shortfalls:
$250 million in private funding through insurance and an additional
$250 millions through a state-government generated trust fund.