The Denver Olympic Exploratory Committee issued a report in which they advised the governor and mayor to move forward with a bid for Denver for the 2022 Winter Olympics. The bid alone could cost from $27 million to $45 million.

Anne Warhover, a co-chair of the Denver Olympic Exploratory Committee, said the group looked at the finances, operations, community benefit, and if there would be any guarantee provided by the bid.

"Would be a very exciting effort for all people in Colorado to get involved in," Warhover said.

She said just being a part of the bidding process would be a very positive effort for the people of Colorado.

"It draws attention to Denver for both tourism, economic development, job growth, the kinds of things we think are very positive for every community in Colorado," Warhover said.

Warhover said the bid money would only come from private donors, and no government money.

The final decision will come from a combined effort from the governor and the mayor.

Katie Spencer contributed to this report.

(KUSA-TV © 2012 Multimedia Holdings Corporation)