Friday, June 19, 2009
CHICAGO (AP) — Mayor Richard M. Daley has taken the plunge in trying to lure the 2016 Summer Olympics to Chicago. Now he has to explain to taxpayers in this cash-strapped city why they may be on the hook for millions of dollars if the event flops.
Daley was nowhere near Chicago on Thursday. He was still overseas after telling the International Olympic Committee in Switzerland that he would sign a contract requiring the city to take full financial responsibility for the games, a move intended to erase any IOC doubts about the commitment of the U.S. bid city.
The IOC will announce Oct. 2 whether the games will go to Chicago, Madrid, Tokyo or Rio de Janeiro.
When Daley gets home, Chicago Alderman Joe Moore wants the mayor to explain his thinking. Moore also said there should be an independent review of the taxpayer risk if Chicago gets the games.
“The days where we just take the mayor’s word for it when he says ‘Trust me,’ those days are over. We need to verify, we need to cross all the T’s and dot all the I’s,” Moore said.
Daley’s office said Thursday that he will meet with the city council to talk about signing the so-called host city contract.
Chicago bid officials this week said they had come up with an additional $500 million in private insurance, clearing the way for Daley to sign the contract if Chicago wins.
Daley has said a Chicago games would not “burden local taxpayers” and he insists that’s still the case. Local organizers have a safety net of $2.5 billion in public and private funds if the Olympics are a money-loser.
“It’s not appropriation of any more money,” Daley said in Switzerland. “It’s just an insurance policy for anything above $500 million. It’s not a liability for the city.”