The Summer Olympics won't be coming to Detroit anytime soon. Detroit Mayor Dave Bing has officially turned down an invitation to bid on hosting the 2024 Summer Games. Bing cited uncertainty regarding the financially-plagued city's long-term stability when it comes to money. Detroit is currently on the edge of bankruptcy. The United States Olympic Committee has sent out invitations to 35 cities to bid on the 2024 Olympics. Bidders are required to make a ten-million-dollar upfront payment and commit to a three-billion dollar operating budget should their bid be successful. The USOC wants to select a candidate in 2 years time to officially submit a bid to the International Olympic Committee.