Having twice bid for hosting the Olympic Games (unofficially six times since 1960),^[7] Toronto, along with other communities in the area known as the Greater Golden Horseshoe, bid for the 2015 Pan-American Games.^[8] The budget was set at $2.43 billion ($1.43 billion for the games and $1 billion for the village). The cost-sharing plan stipulated that Ontario and the federal government each contribute 35 per cent of the funding, or $500 million each. The city of Toronto, other hosting partners, and games revenue were expected to pay the remaining 30 per cent. All levels of government approved the bid. The federal government approved the bid on August 7, 2008.^[9]

The new Hamilton stadium for athletics, situated on the waterfront harbour, that was included in the bid may have been a future venue for the Hamilton Tiger-Cats. St. Catharines had expressed interest in joining the bid, particularly due to their already-existing championship rowing facilities.^[10] Canadian Olympic Committee president Michael Chambers met with Pan American Sports Organization president Mario Vazquez Rana in January 2008 and was assured PASO had not unofficially anointed another candidate.^[11]

Former Ontario Premier David Peterson had been appointed head of the bid committee. Performing in a voluntary capacity, he had experience as the head of Toronto's previous bids for the Olympics.^[12] The bid was formally launched on October 2, 2008; the bid head was Jagoda Pike. The bid logo was a maple leaf in green, red, and blue.^[13]

The capital of Peru also announced its candidacy at the 2007 Games.^[14] President of Peru Alan Garcia was enthusiastically pushing for upgraded sports infrastructure and athlete training. Should Peru not win the bid, they planned to pursue a bid for the 2019 edition and possibly the Olympics in the 2020s.^[15] after their defeat, Lima successfully bid for the next edition of the Pan Am games.

The head of the Peruvian committee, Carlos Paz Soldan, said Peru deserved to host as a country which has never hosted before. Both of other two bid cities are in countries which had previously hosted.^[16]

Authorities announced plans for construction of new sport facilities and the remodeling of existing ones, such as the 45,000 seat Estadio Nacional,^[17] which recently hosted the Copa América 2004.

The capital city of Colombia coincided its announcement of candidacy at the 2007 Pan Am Games in Rio de Janeiro.^[14] Interference with the bid effort from the 2008 Andean diplomatic crisis between Colombia, Ecuador, and Venezuela seemed to have been averted.

With a budget of $950 million if the bid was successful,^[18] Bogota was touting its ideal year-round spring-like weather and its central geographical position in the Americas. Eighty percent of the required sporting facilities were already in place; new facilities would need to be built for tennis, track and field, and the Athletes' village. Also, the venues would be only six kilometers apart.^[18]

Mayor Samuel Moreno Rojas also touted other cultural and sporting attractions in the city, which include over 50 museums and 313 km (194 mi). of bike paths.^[16] He did acknowledge Bogota's altitude of 2,650 metres was a disadvantage.^[18]

In sizing up the competition, Moreno added, "Toronto also has excellent infrastructure - they have an advantage on us in some aspects. But some venues there are 60 kilometres apart". If chosen, Bogotá would have become the second Colombian city to host a Pan American Games, after Cali (1971).^[18]

This capital city hosted the 1983 Pan American Games and already has the Estadio Olímpico de la UCV in place. It announced its candidacy at the 2007 Games.^[14] President Hugo Chavez also endorsed the bid, but financial support was not guaranteed.^[19] On October 10 Caracas dropped out of the race without comment;^[20] PASO sources suggest they withdrew to avoid splitting the vote among three South American candidates.^[16]