Paris to Commit 145 Million Euros For 2024 Olympics Bid

Paris will commit 145 million euros (USD 162mn) to carry out work to ensure the French capital wins the bid for the 2024 Summer Olympics, town officials said on Monday.

A meeting of Paris' City Council next week will vote on a resolution formally giving Mayor Anne Hidalgo the power to sign guarantees required by the International Olympic Committee (IOC) to host the 2024 Games.

"It's a formal stage but at the same time extremely important," Jean-Francois Martins, Deputy Mayor of Paris responsible for Sport told AFP.

After the first dossier on the "concept" of the Games on February 17, a second will be prepared for October 7 on the legal side and financing.

Some 30 million euros will be used to build a second stadium in Bercy, and 21 million euros on an aquatic centre near the Stade de France in the north of the city.

Another 25 million euros is planned for training sites, 12.5 million for a swimming pool in Seine Saint-Denis and 6.5m on the Pierre de Coubertin Stadium.

Paris will also guarantee 4 million euros to set aside for the future Olympic village.

The overall budget for construction work for the Games is estimated at 3 billion euros including 1.5 billion of public money.

"We have gambled on a simple concept, relying on existing sites," said Martins.

"This is the first time in the history of the Olympics that a city has decided that residents will have their say and be able to choose some of the amenities around the Olympic venues," added Martins.

The council will also vote on a guarantee to extend a line of the RER, an express train connecting Paris city centre and the surrounding suburbs.

Budapest, Los Angeles and Rome are also bidding to host the 2024 Games.

The IOC will reveal the bid winner in Lima on September 13, 2017.