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Chicago's Full Guarantee A Non-issue


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One step closer to City Council approval of Olympics host city contract

A City Council committee today approved an ordinance that would authorize Mayor Richard Daley to sign the Olympics host city agreement that would leave taxpayers on the hook if there are major cost overruns for the 2016 Games.

The contract would require the city to cover cost overruns beyond the $750 million already backed by the city and state. Olympic organizers say insurance policies would protect the public, making it unlikely they would even dip into the $750 million.

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The full government guarantee will finally be a "non-issue" in Chicago's bid! This should have been taken care of a year ago though...

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