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Toronto shelves 2024 Olympic bid

Toronto has all but scrapped the idea of  bidding for the 2024 Olympics.  The city's economic development committee unanimously agreed to shelve the idea.  Meanwhile, the city is still considering a bid for the 2025 World Expo.

The last time Toronto lost out on an Olympic bid was for the 2008 Games which went to Beijing. It also came in third behind Atlanta and Athens for the 1996 Summer Olympics.

So many in the city felt that Toronto is due.....even though it will be hosting the Pan Am Games in 2015. But the economic development committee voted against it.  And Mayor Rob Ford says an Olympic bid is not a smart use of taxpayer's money.
"We're not ready for it.  Let's concentrate on the Pan Am Games.  See how we do there.  And that hasn't run smoothly at all, as you know.  So I'm worried if we can't run the Pan Am Games how are we gonna ever host the Olympics," Ford said.
Ford says a formal bid for the Olympics would cost $50 to $60 million and the actual hosting could run as high as $7 billion.  But money is short.....the city is still faced with millions of dollars in damages from last summer's flooding and the December ice storm.

There is a stronger chance for the 2025 World Expo.  The committee agreed to take a closer look at that, mainly because it might be a catalyst to boost transit, infrastructure and innovation in Toronto.

But the federal government in Ottawa has already said it won't take part in future Expos because of the costs.....and that would leave Toronto without a major backer to help defray some of the costs.