EXECUTIVE SUMMARY

The Olympic and Paralympic Games would accelerate transportation improvements, create jobs, and
produce thousands of new units of housing for Greater Boston while producing a surplus and
minimizing risks to taxpayers under an updated plan for the Games announced on June 29, 2015 by
the Boston 2024 Partnership, the privately funded group focused on bringing the Olympic and
Paralympic Games to the United States in 2024.
After conducting comprehensive due diligence and consulting numerous experts, Boston 2024 is
sharing the latest information about the process, venues, and plan for the Boston 2024
Partnership. This executive summary provides an overview of the data, facts, and key points addressed
in the updated bid plan. The bottom line is that while no project is ever completely without risk, this
fact-based analysis shows that the Games represent an historic economic development opportunity for
New England that we may not see again.
In order to determine the viability of Boston as a host of the Games, it is important to provide context
on the history of modern Olympic and Paralympic Games. Past experiences help Boston develop a bid
that seizes opportunities and minimizes risks. There is no doubt that hosting the Olympic and
Paralympic Games is a great privilege. It also comes with its share of risks, as any big opportunity
does. Critics will note that cities that publicly fund mega-events can face potential cost overruns in the
lead up to the event and underutilized facilities following the event. However, history has proven that
fiscally responsible approaches to running major event operations, like the Olympic and Paralympic
Games, do result in generating operating surpluses, and, more important, creating long-term benefits
that advance a citys economic progress for years to come.
In fact, the U.S. cities that hosted the Games during the past 30 years are case studies for how megaevents can be run successfully for their cities, for their citizens, and for all the constituents who
benefited from the experience. There is a common theme in all three cases: Los Angeles in 1984,
Atlanta in 1996, and Salt Lake City in 2002 were privately funded, which required extensive fiscal
discipline, ensuring that no expense could be made without generating revenue to support it. Each of
these U.S. cities delivered a fantastic experience for the athletes, the Olympic family, national and
international spectators, and the local community while producing a financial surplus that was
invested back into the city, supporting legacies that continue to enrich communities. Los Angeles
surplus was $232.5 million. Atlantas surplus was $10 million. Salt Lake Citys surplus was $101 million.
These experiences inform Boston 2024s plans for showcasing the feasibility of hosting the 2024
Olympic and Paralympic Games in ways that are cost effective, sustainable, responsible and legacy
building. Through extensive discussions with leaders from past host cities, we have learned about the
unifying spirit the Games bring to communities, the honor of welcoming the world to the citys front
door, the inspiration of high-performing athletes, and the undeniable lasting benefits that enrich a city
for generations to come. We heard about the powerful effect of this once-in-a-lifetime
experience. And, in the greatest endorsement of all, we heard from leaders in the cities that they would

do it all over if they had a chance. In fact, LA has bid for the Games, including in the race to represent
the U.S. for the 2024 Games, an honor that was ultimately awarded to Boston.
After extensive due diligence, which has included risk assessments, research, financial modeling and
independent verification of data, projections, and assumptions we have determined that there are
four major reasons why Boston can achieve a cash flow positive Games with minimal economic risk
and enormous upside and potential for positive, long lasting economic gains for those who live here.
1) Agenda 2020: The International Olympic Committees recently released Agenda 2020 calls
for cities to focus on fiscal responsibility, sustainability, and legacy benefits in bidding for and
hosting the Games. Agenda 2020 encourages the use of temporary and existing venues and
eschews the past trend toward grand structures with little to no legacy value. This series of
reforms is closely aligned with Bostons DNA as a college town with a deep-rooted sports
culture, teeming with great existing venues on and off university campuses. Our bid is a fiscally
conservative one that relies on the usage of existing venues. In fact, as it stands right now, 63%
of our proposed venues exist already and require modest or no adaptations for the Games. We
are the first U.S. city to bid for the Games in the post Agenda 2020 era, and these reforms have
been a critical component to stage a high quality but cost effective Games.
2) Exponential Growth in TV, Ticketing, and Sponsorship Revenues: The Olympic and
Paralympic Games are the premiere sporting event in the world. Watched by more people than
any other sporting event globally (there were 3.7 billion unique TV viewers of the 2012 Games in
London), Olympic Games revenues have increased exponentially. The growth trend tells a
positive story for any city hosting the Games in 2024. Total revenues (not inflation-adjusted)
for the LA Games in 1984 were $750 million. By 1996, for the Atlanta Games, revenues grew to
$1.7 billion. This trend continues unabated, as revenues projection for the 2020 Games in
Tokyo have just exceeded $4 billion. For a 2024 Games in Boston, those revenues are projected
to reach close to $5 billion. Revenue increases are due to a combination of an increase in TV,
ticketing, and sponsorship revenues. Coupled with the cost moderation measures allowed by
Agenda 2020, we are confident that Boston can stage a Games that will generate a healthy
surplus.
3) Colleges and Universities: Within the Commonwealth of Massachusetts, there are more than
115 colleges and universities. The city of Boston is home to 35 colleges and universities in its
compact footprint. The value provided by these institutions of higher learning is not limited to
the bright minds and ground breaking innovation developing within their labs and classrooms.
It also includes their significant land in the form of open space, dorm rooms, training facilities,
practice fields, and sporting venues. This gives Boston a natural competitive advantage that,
coupled with infrastructure and transportation upgrades, will position us very strongly to
deliver an outstanding athlete and spectator experience in 2024 and reduce the risk of costly
building programs, thereby ensuring significant legacy value post Games.
4) Insurance and Protection: Boston 2024 is developing an insurance plan that has more layers
and higher limits than have been budgeted and proposed than previous bids. In its bid for the
2016 Games, Chicago explored insurance options to mitigate the risks of cost overruns and

reduced revenues. Boston 2024 is allocating up to $126 million in order to significantly mitigate
financial risk. The conservative operating budget provides for the payment of premiums on
layers of insurance covering a broad range of risks. For capital projects, additional insurance will
be required of and funded by contractors and developers. Surety bonds, guaranteeing payment
and performance, will be required on all construction projects. The largest capital projects, the
Athletes Village at Columbia Point and the temporary Olympic stadium at Widett Circle, also
will include so-called capital replacement insurance to cover a potential loss of financing of
developers during construction. Therefore, there are four levels of protection utilizing existing
assets, private capital, elevated insurance coverage, and conservative contingency planning in
the operating budget.

BENEFITS AND OPPORTUNITIES FOR BOSTON AND MASSACHUSETTS

The attached materials outline the unprecedented potential to create a public/private partnership
to catalyze key city and state objectives: jobs creation, tax base expansion, increased housing
inventory, community investment, improved infrastructure and connectivity, improvements to
parks and open spaces, and the elevated visibility for Boston as a world class city.
1. Jobs: Hosting the Games is a major job creation engine for Boston and Massachusetts.
Bringing the Games to Boston will create 4,100 construction jobs each year from 2018 to 2023
and more than 50,000 jobs to support the Games in 2024 (Source: The Boston Foundation). The
Games will also lead to 2,200 job-years in 2025 and beyond to support legacy neighborhoods
and developments.
2. Expanded Tax Base: Tax revenues generated from the expanded development for the
Games would be payable to the City of Boston to make significant new investments.
Currently, Widett Circle generates $857,000 per year in tax revenue for the city. Due to the
redevelopment of Widett Circle jumpstarted by the Games, tax revenues would reach $7 million
in 2030 and grow to $27 million by 2040. In the case of Columbia Point, neither UMass Boston
nor the Boston Teachers Union properties generate tax dollars for the city of Boston. Due to
the development of Columbia Point ignited by the Games, tax revenues would reach $3 million
by 2030 and $5 million in 2040.
3. Housing: Boston 2024 would contribute significantly to the Mayors housing goals for 2030.
At Widett Circle, site of the temporary Olympic stadium, the legacy housing created is
projected to be 4,000 additional apartment units, including at least 520 affordable housing
units, thereby increasing the housing supply and making it easier for people of all income levels
to live in the city. At Columbia Point, site of the Athletes Village, the legacy housing created is
projected to be 3,000 apartment units, including at least 390 affordable housing units and 500
senior housing units, thereby increasing housing supply and making it easier for our most
vulnerable populations to live in the city. In addition, housing for 2,700 students would be built
for UMass Boston, alleviating neighborhood housing pressure, increasing the housing supply
even further, and elevating the Citys only public universitys stature as a residential school.

4. Community Investment: The proposed plan will emphasize investment in underserved

communities and gateway cities.
Workforce Development: As part of the bid for the Games, Boston 2024 will adopt
measurable objectives for employment of residents of underserved communities, then
track our progress and enforce established standards. We will use project labor agreements
to ensure contractors do the same.
Youth Development: Boston 2024 will direct investment to neighborhoods, local parks,
sports clubs, and youth programming based on community input. Private investment in
Sportsmens Tennis and White Stadium will benefit youth in tennis, football, and track and
field programs.
Green Space: In preparing for the Games and in the post-Games transition, private monies
will be used to enhance and expand public parks and recreational fields, including Moakley
Park, Franklin Park, Harambee Park, and Christian Herter Park. In addition, 15 new acres of
permanent park land at Widett Circle will be created.
Economic Opportunities: A key benefit of both bidding for and hosting the Games is the
international spotlight shone on cities outside of Boston, including New Bedford and
Lowell. In addition, a clear and measurable plan will be implemented to ensure minority-,
women- and veteran-owned businesses can participate on equal footing in business
opportunities generated by the Games.

5. Infrastructure and Connectivity: Boston 2024 could catalyze infrastructure development

and greater connectivity between neighborhoods and to the waterfront. Getting ready for
the Games could jump start much-needed and long-discussed infrastructure projects that
would have a tremendous impact on the quality of life for residents, including:
Publicly-funded replacement of Kosciuszko Circle rotary with a signalized intersection
plus extension of Day Street and Columbia Road.
Demonstration of a ferry service from Boston to Quincy near the site of beach volleyball
on Squantum Point Park that could become permanent.
Developer-funded commuter rail station at Widett Circle to serve the Fairmount Line.
In addition, the potential to connect neighborhoods and improve access is significant:

Connection of the South End to South Boston through Widett Circle.

Boston 2024-funded completion and expansion of the Emerald Necklace from Franklin
Park to Columbia Point along Columbia Road as originally intended by Frederick Law
Olmsted.
Public-private investment in safe walking and cycling connections along the Emerald
Necklace as well as a reopened Dorchester Avenue along Fort Point Channel from
South Station to Widett Circle and access from Dorchester/JFK Station to the
waterfront.

Combining the exponential growth in Games revenues, a conservative Games budget, private sector
discipline on project management, and multi-layered insurance to protect against risk, Boston can host
a Games with high rewards and manageable risk for Bostonians. It would be a once in a lifetime
opportunity to deliver decades worth of infrastructure and open space improvements to residents in
just 9 years.

PUBLIC TRANSPORTATION AND INFRASTRUCTURE NEEDS

There are questions about whether Bostons infrastructure can host the Games. Will we have the
transportation infrastructure to handle the athletes, spectators, and residents during the summer of
2024? The short answer is yes, with a caveat that we must move now on improvements that we as a
Commonwealth need regardless of hosting the Games.
After extensive due diligence for bid 2.0, Boston 2024 has determined that transportation
infrastructure improvements fall into two macro categories:
1) Projects that are required to support the MBTAs ridership growth anticipated by 2024, with or
without the Games, and that are already planned for and budgeted by the state.
2) Projects that are unfunded yet deemed necessary to meet future neighborhood growth
(expanded MBTA stations) and road reconfiguration to address longstanding traffic issues. The
Games could go forward without these projects, but the transportation system would be
further strained.

We believe that bidding for and hosting the Games can be a catalyst for getting these much-needed
improvements done at long last. Detailed in the plan is a list of these projects. This list includes projects
currently planned and funded by the Commonwealth already, including:

Red Line and Orange Line vehicle procurement,

Commuter Rail vehicle procurement,
Local bus vehicle procurement, and
Signal upgrades for the Green, Orange, and Red Lines,

all of which will increase capacity and greatly improve the daily commute for Massachusetts
residents. The total for these improvements is $1.97 billion.
There is also a list of needed improvements that are not currently planned for by the Commonwealth
and therefore not yet funded, but address MBTA capacity constraints or traffic issues that stunt
economic growth. These include:

Power signal upgrades to the Red and Green Lines, and

Improving Kosciuszko Circle and, as noted, JFK Station,

all of which will increase capacity and improve the daily commute for Massachusetts residents. The
total for these improvements is $775 million.
Finally, there are Olympic-specific improvements that would funded by private capital. These include:

New Commuter Rail station at Widett Circle,

An extension of the Mass Ave. Connector,
The relocation of the Cabot Bus Facility, and
The connection and expansion of A Street.

These projects, too, would improve the commute and quality of life for Massachusetts residents. The
total of these improvements would be $227 million of private dollars.
Boston 2024 is one voice in a chorus that is calling for these improvements to be fast tracked.
Currently, MBTA ridership exceeds maximum policy capacity by 26% at rush hour. Without system
improvements, rush hour demand in 2024 is projected to exceed MBTA policy capacity by 51%, even
without the Olympic and Paralympic Games. After system improvements are made, rush hour demand
during the Games will exceed MBTA policy capacity by only 16% at peak use.
As part of the ongoing and iterative bid process, Boston 2024 will continue its analysis of Olympic
transportation as venue locations are finalized. More specific transit plans will be developed for each
venue based on location and competition schedule.

SECURITY
Safety and security are of paramount importance in planning for and executing any major global event,
and the Games are at the top of that list. After consulting with security experts in both the public and
private sectors, and speaking extensively with those in charge of Londons successful security
operation, Boston 2024 is confident that we can deliver the Olympic and Paralympic Games in a way
that is safe and secure without sacrificing the welcoming and celebratory tone that Boston is known for
and that the Games represent.
Based on significant precedent, Boston 2024 anticipates that the federal government will lead security
for the Games and provide necessary funding. As have past U.S. Games, Boston 2024 expects to be
designated a National Special Security Event (NSSE). The Secret Service would become the lead
agency, in charge of event security. The FBI would take the lead on intelligence and counter terrorism.
FEMA would take the lead on incident response management. Each of these federal agencies would
work closely with state and local authorities to ensure a cohesive and seamless security plan.
Federal funding for security will be required for hosting the Games in Boston, just as it would be for
hosting the Games anywhere in the U.S. The federal government has authorized overtime expenses for
local resources in past NSSEs and we anticipate the same for 2024.
Even nine years out, Boston 2024 has launched a thorough process with security experts to address and
anticipate security needs for the 2024 Games. We have assembled a Security Advisory Committee with
experts from the public and private sectors, chaired by Juliette Kayyem, former Assistant Secretary of
the U.S. Department of Homeland Security.

CONCLUSION
After thousands of hours dedicated to due diligence, community meetings, brainstorming sessions, fact
finding missions, local and international forums, primary and secondary research, and consultations
with the leaders of past bids in the U.S. and abroad, Boston 2024 is confident that the data show that
Boston is highly capable of staging the Olympic and Paralympic Games in a way that will bring lasting
value to the people of Massachusetts. For those who have argued that the discussion about the
Olympics should instead be focused on important issues like housing, education, transportation, and
jobs, we respectfully submit that the Olympics discussion is not a diversion from those issues; it in fact
harnesses the attention of the public to catalyze solutions for them.
Even in the current bid process, communities are coming together to talk about their vision, their goals,
and their hopes for the future. Private enterprise, colleges and universities, government leaders, the
innovation and tech sector, community leaders, and engaged citizens are coming together in
unprecedented ways to discuss problems and identify solutions. Olympic and Paralympic athletes are
already volunteering their time to visit schools, baseball fields, soccer pitches, and basketball courts to
talk to kids about the importance of education and the power of sport. More than 3,500 volunteers
from across the state have formed a new and engaged community of people who want the world to
come to Boston. If Boston wins the bid for the 2024 Games a decision rendered by the IOC two years

from now all of this bid legacy will be amplified, and $5 billion of private investment to fuel economic
development will come to this region leading up to 2024 private money that would not otherwise
come here.
We have looked at the numbers and the numbers work. We have examined the facts and the facts
check out. We have welcomed outside experts to do the same, and they agree. But while the facts are
critical to our bid, they are not the only important factor. Bostons identity as a tried and true sports
town is absolutely central to our bid for the 2024 Games. The soul of world class cities lies within its
cultural institutions, its hometown traditions, and the unity that comes from supporting our sports
teams. Sports unite us. They bond us together. We believe that the Olympic and Paralympic Games
the greatest sporting event in the world will do that for Boston like nothing else can.