The San Jose City Council weighed the possibility of hosting the U.S. Gymnastics Team’s Olympic Trials at today’s city council meeting. The Council went over a memorandum Mayor Chuck Reed issued on Jan. 15, outlining the city’s bidding effort for the event.

The HP Pavilion, the San Jose Convention and Visitors Bureau and the San Jose Sports Authority are all partnering with the City in preparation of the bid. According to the recommendation, City Manager Debra Figone is also in the process of identifying $300,000 of city money as a contribution to offset event expenses and, more importantly, to “incentivize” USA Gymnastics to select San Jose.

“We believe this is a good proposition considering the potential economic impact, positive media coverage and live national network television that could be generated from hosting the event in San Jose,” says the document.

It also goes on to estimate that the gymnastics event would generate $18 million for the city, with a minimum of 4,500 hotel room nights filled. 

Signed by Reed and council members Nancy Pyle and Sam Liccardo, the memorandum states that “San Jose has the opportunity to engage in this competitive bid, and every effort should be put forward to present the city’s unique ability to host a successful event, which will undoubtedly garner tremendous business and community support.”

The games of the XXX Olympiad will be in London from July 27 through August 12, 2012. Los Angeles, Boston, Philadelphia and Indianapolis have already thrown their hats in as potential host cities for the US Gymnastics trials, one of the most popular and widely followed events of the summer games.