Chicago 2016 Olympics Update: More Money, Please. Illinois Governor Quinn Pledges State To Commit $250M Guarantee for Olympics

Chicago Tribune reports:

Daley’s inability to provide anything more than a limited financial guarantee could make it difficult, if not impossible, for the city to win the 2016 Summer Games, many Olympics experts say.

Chicago Olympics boosters are scrambling to increase taxpayer support for the 2016 Games to shore up a fundamental weakness in their bid just weeks before international officials arrive to evaluate the strength of the city’s pitch.

At the heart of the push is a statistic that Chicago officials have not mentioned: No city in the past quarter-century has won the Games without a blanket guarantee to cover all financial risks.

Chicago will not make such a guarantee, but Mayor Richard Daley and other leaders of Chicago’s plan won a pledge this week from Gov. Pat Quinn to raise the state’s share of the guarantee by $100 million, to $250 million. State lawmakers moved to fast track the guarantee Thursday, and Quinn said time was of the essence with Olympic officials scheduled to visit in early April.

http://www.chicagotribune.com/news/chi-olympics-boost-taxpayers13mar13,0,7167962.story

15 March 2009 | Law, Politics and Government, Olympics | Comments

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