(Sacramento) – In this Democratic weekly radio address Assemblymember Betty Karnette explains why the State Legislature approved a $250-million “insurance policy” as part of a bid to bring the 2016 Summer Olympic Games to California.  Assembly Bill 300, authored by Speaker of the Assembly Fabian Núñez was passed with resounding majorities by both the Assembly and the Senate.  Governor Schwarzenegger signed the legislation this week.  In the radio address Assemblymember Karnette says “The United States Olympics Committee needs an insurance policy backed up by the state just in case there are unforeseen circumstances where the Games run over budget.  Fortunately, the last time California hosted the Olympics in 1984, we turned a $236 million profit.” A transcript of the radio address follows and a link to the audio is at the bottom of this page.  The running time is 2:30.

Hello, I’m Assemblymember Betty Karnette, chair of the AssemblyCommittee on Arts, Entertainment, Sports, Tourism, and Internet Media.

California is once again in the worldwide race to host the Summer Olympics. Here in your State Capitol, we’re going to do everything we can to make sure we host the games come 2016.

Just in the past two weeks, the Assembly and Senate in near unanimous votes passed – and the Governor signed -- Assembly Bill 300 by Speaker Fabian Núñez. This bill makes California a realistic contender for the 2016 Summer Olympic Games.

The United States Olympics Committee needs an insurance policy backed up by the state just in case there are unforeseen circumstances where the Games run over budget.

Fortunately, the last time we hosted the Olympics in 1984, we turned a $236 million profit. Also, we cap the insurance policy at $250 million.

In fact, almost all modern Olympic Games would be profitable, but many host countries have to build special facilities like stadiums and housing. Fortunately, we already have most of those facilities -- that gives us a leg up financially and in the bid to be host.

The insurance policy is a very small risk to take, but the benefits of hosting the Games are huge. The Southern California Olympic Committee’s conservative economic analysis shows a positive impact of $7 billion for California.

That’s a bonanza for hotels, restaurants, other tourist attractions, apparel manufacturers and so many other businesses not just in Los Angeles, but in all of California.

But know that events for the Games aren’t just going to be held in Los Angeles but also San Francisco, San Diego, Anaheim, Arcadia, Carson, Inglewood, Irvine, Monterey Park, Pasadena, Pomona, San Dimas, San Juan Capistrano and notably my hometown of Long Beach -- so holding the Summer 2016 Olympic Games would benefit all corners of our state.

But there’s still going to be a competition before the real sports competition starts. Over the next few years, the International Olympic Committee will be carefully looking at every bid to host the Games so it’s time to put our best foot forward to the world.

Thanks for listening

Here is the link to the audio:

http://democrats.assembly.ca.gov/Newsline/Audio/20070413RadioAddressEnglishOlympicsKarnette.mp3