Jun 5, 2014, 1:44 PM EDT
A memorial is planned to rememeber the victims of the 1972 Munich Olympic attack, with the International Olympic Committee contributing $250,000 for the $2.3 million project.
The IOC confirmed to The Associated Press the report from the German newspaper Sueddeutschen Zeitung, which said the memorial plans to open in September 2016.
Eleven Israeli athletes and officials died in a failed rescue attempt at an airport after being taken hostage in the Olympic Village by Palestinian militants at the Munich Games.
There are currently small memorials at the former Olympic Village site, which is now an apartment complex, and near the Olympic Stadium a short walk away.
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