Why do universities and cities bid to host major sporting events $($whether it be a golf regional or a national championship in fencing$)?$ Putting on events is a lot of work. Why bother?

What are common things that would be expected by the selection committee as they evaluate multiple cities and venues? To know that the event will be successful, what are they commonly looking for? $($There are many things, give me a healthy but not necessarily exhaustive list$).$

If you are bidding and you have a self$-$identified area of weakness, how should you proceed in creating your bid package?