SF putting in bid to host 2024 Olympic Games

SAN FRANCISCO (KGO) -- While San Francisco could be losing the America's Cup, it's putting in a bid for the Olympics -- again.

It could be a case of "fourth time's the charm" for San Francisco and the Bay Area. The city is, once again, bidding to host the Olympics.

This time it's for the 2024 games.

It certainly doesn't look like much now, but an area off Highway 101 in Brisbane known as Baylands could become the site of a $350 million pop-up Olympic stadium.

It would hold the opening and closing ceremonies of the 2024 Summer Games.

San Francisco's American competitors are Los Angeles, Boston and Washington, D.C.

"Our strength is our diversity," Mayor Ed Lee said.

The city has bid unsuccessfully three times before, the last an attempt by then-Mayor Gavin Newsom for the 2016 games.

The focus this time is on a regional push.

Using existing facilities like the Cal Bears and Stanford stadiums as well as Levi's Stadium in Santa Clara and AT&T Park, it's estimated it could cost $4.5 billion to host the Olympics.

"I think that for our residents and our tax payers and tax base, I think they want me to make sure that I've kept a good eye on the financing. We're looking towards a level of enthusiasm that would generate the private dollars to come in to do this properly," Lee said.

America's Cup offers a cautionary tale. It was supposed to generate more than $1 billion in regional economic activity, but ended up costing the city more than $11 million.

San Francisco Supervisor John Avalos, a critic of that event, is a critic of this one, too.

"I think it's really important that, as we go forward, that we make sure that we put plans forward to put this on, that are going to be successful, that aren't going to overwhelm taxpayers. That are going to have real benefits for communities, not seeing a trickle that comes down and a big corporate giveaway," Avalos said.

There are many hurdles before the Bay Area could host world-class athletes.

The U.S. Olympic Committee would have to decide if it wants an American city to try for the games and if the San Francisco Bay Area is chosen, it would then have to beat an international field.