DORAL, Fla. – Business mogul Donald Trump held a news conference in Doral on Thursday to announce that the Miss Universe 2014 pageant will be broadcast from Florida International University in Miami.

Trump added that there will be numerous events in Doral in the weeks leading up to the big show, and the contestants will be staying at the Trump National Doral.

Doral Mayor Luigi Boria was also in attendance and reassured residents that no taxpayer money would be used to pay for the pageant.

Initially, residents were upset with an idea for a $2.5 million stipend to support the pageant. Originally residents were told that it could be $500,000 of taxpayer money that would be earmarked, with the other $2 million coming from private funds.

But Thursday, the mayor said that he has gotten so much private funding that he is now taking that taxpayer portion off the table.

"Actually, we're trying not to have any taxpayer money used," said Boria. "I have so many people calling me, and there is so much excitement about getting involved and sponsoring the event. My feeling is that we are not going to need any money for this event."

"A lot of people will be coming to town," added Trump. "A lot of people will be flying to Doral and to Miami to take place in the events."

The Miss Universe 2014 pageant is scheduled to be held sometime in late January.

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