The Associated Press

COLORADO SPRINGS, Colo. - New York City turned on its star power, flexed its financial muscle and touted its status as the "world's second home" to beat out San Francisco on Saturday and become the U.S. candidate for the 2012 Summer Olympics.

New York organizers broke into cheers, tears and shouts as the close vote was announced.

On a weighted scale of voting by the 123 members of the U.S. Olympic Committee board of directors, New York received 132 points out of possible total of 223.

New York organizers, assuring the USOC that they have the resources and security to run the world's biggest show, laid out an ambitious $5billion plan that would place virtually all events within city limits.

"We won't bring the Olympics back to the United States on the cheap," Mayor Michael Bloomberg said, contrasting the city's plan with a much more low-cost bid by San Francisco.

Olympian Bob Beamon, who shattered the long jump record at the 1968 Games, began the New York presentation by calling his native city "the place that has welcomed more people with the dream than anywhere else."

Former Mayor Rudolph Giuliani received a standing ovation from many of the voters and spoke to them about how the city recovered quickly from the Sept. 11 attacks.

"We have what it takes," Giuliani said. "We absolutely love big events and we will not fail you."

The International Olympic Committee will choose the 2012 site in three years, pitting New York against such possible rivals as Paris; Moscow; Toronto; Budapest, Romania; Rome; Istanbul, Turkey; Rio de Janeiro, Brazil; Madrid or Seville, Spain; and a city in Germany, perhaps Berlin.

"There is no doubt this was a hard-fought contest. Congratulations to New York," IOC president Jacques Rogge said. "We look forward to receiving their bid to enter into the race to host the 2012 Olympic Games."

New York has never staged the Olympics.

The New York bid still has to overcome local opposition to a $1billion proposal to convert a rail yard in Manhattan along the Hudson River into an Olympic stadium and an adjoining 8-acre plaza. The plan, opponents say, would destroy neighborhoods and land taxpayers a huge bill.