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Show L. A. BENEFITS FROM OLYMPICS Surplus of $150,000 Will Be Distributed to City and County LOS ANGELES, Jan. IS WV-The games of the tenth Olympiad here last summer were staged at a net profit of approximately 1150,000. While no financial statement of the International classic has been made, this figure was reveeled in a statement state-ment trom the Community Development Develop-ment aasocisuon that it "booed to contribute con-tribute to the city and county of Los Angeles the final surplus of the Olympic Olym-pic games. In the neighborhood of $150,000." The Los Angeles organising committee com-mittee of the tenth Olymplsd. slmost the same as the Community Development Develop-ment association, announced some time ego It would retire the bonds of a million dollars, voted by the state legislature for promotion of the games. The $53,000 premium on the bonds also will be paid. This would raise the net over operating oper-ating expenses for the tenth Olympiad to approximately $1,200,000. Such costs as construction and handling of the Olympic village, and additions to the various games sites, estimated at half a million dollars, were not covered cov-ered by the bond issue. On the basis of these figures It was unofficislly said that the gross gate receipts for the games, which were the most successful financially of any ever staged, were slightly short of $2,000,000. A friendly suit Is now before superior supe-rior court to determine the proper manner in which to retire the bonds. The "finsl surplus" will be evenly distributed between Los Angeles county snd city. The Community Development association asso-ciation turned over to the city and county today $427,744.58, which represents rep-resents the net profit for the operation opera-tion of the Memorial coliseum, for- merly the Olympic stadium, since the tell of 1823. With this sction the orgsniistion passed out of existence. It was formed in 1820 as a nonprofit organization to construct and manage the coliseum. The coliseum, which seats 105,000, cost $1,700,000. Zsck Farmer, secretary secre-tary of the association, ssid spproxi-mstely spproxi-mstely 70 per cent of the profits from the stadium were taken in on football games. |