At the first of a planned series of hearing on New York’s 2012 Olympic bid, New York City Council challenged Mayor Michael Bloomberg’s administration to back up its claims that massive building projects tied to the 2012 Olympic bid would cost city tax payers nothing.
The New York Post reports that Deputy Mayor Dan Doctoroff, founder of NYC2012, said the Olympics would be funded without city monies if it hosts the Games.
He said, “the city will not have to put any money in. No existing cash money will be used whatsoever”.
Doctoroff said that the selling of bonds to the public and the incremental sources of revenues generated as a result of infrastructure from the proceeds of those bond sales would pay for the estimated $2 billion in costs incurred from the project to be “the world’s second home”.
