Chicago Mayor To Meet With City Council On 2016 Bid Contract

There are reports that Chicago Mayor Richard Daley will meet with Chicago City Council to discuss his signing the host city contract. Chicago bid officials said this week they had come up with an additional $500 million in private insurance, clearing the way for Daley to sign the contract if Chicago wins the 2016 Summer Olympic Games bid.

Chicago Alderman Joe Moore says he wants the Mayor to explain to taxpayers why he agreed that the city will take full financial responsibility if it’s awarded the Games.

WLUC TV reports that Moore said Thursday he wants an independent review of the risk taxpayers would be exposed to.

Daley has said hosting the 2016 Games would not “burden local taxpayers” and reportedly insists that’s still the case. Chicago organizers have a safety net of $2.5 billion in public and private funds if the Olympics lose money.

Meanwhile Daley said in Switzerland, “it’s not appropriation of any more money. It’s just an insurance policy for anything above $500 million. It’s not a liability for the city”.

Chicago 2016 organizers say any additional financial exposure for taxpayers is remote.