Boston 2024 unveils ‘2.0’ plan, banks on $765M in new road, rail funds

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http://www.bostonherald.com/news_opinion/local_coverage/2015/06/boston_2024_unveils_20_plan_banks_on_765m_in_new_road_rail_funds



Olympic Stadium rendering

Boston 2024 unveils ‘2.0’ plan, banks on $765M in new road, rail funds
Jack Encarnacao
Monday, June 29, 2015

Boston 2024’s overhauled Olympics plan shifts the costs of buying land for a stadium from the city to a private developer selected through a competitive bid process, with tax breaks as an incentive; sets aside $128 million for cost-overrun insurance; and relies on $765 million in yet-to-be-authorized tax-funded upgrades to state road and rail systems.

Version 2.0 of Boston 2024’s bid for the Summer Games — unveiled at a press event this morning at the Boston Convention and Exhibition Center — is a bid to convince an extremely skeptical public their tax dollars will be safe as the sprawling $4.6 billion plan takes shape.

“The taxpayers won’t be responsible for any venue costs or any operating costs, and we believe the taxpayers are responsible for infrastructure costs that should be done in the ordinary course anyway,” Boston 2024 Chairman Steve Pagliuca said. “Any time we had a chance to take a conservative route, we did.”

Boston 2024 forecasts $4.8 billion in total revenue from the Games – $1.5 billion from broadcast rights fees and TV sponsors, $1.25 billion in ticket sales, $1.5 billion in domestic sponsors, and $535 million in licensing. The organization says its operating budget contains a $210 million cushion to cover unexpected costs.