As reported in the June 29-July 6 issue of Crain’s Chicago Business, the 21016 Games will cost YOU a bundle…
As aldermen prepare to debate whether to put Chicago on the hook for any operating losses from the 2016 Olympics, the construction of a $1-billion athletes village poses a far greater potential risk to city finances.
With as many as 3,000 units, the proposed South Side housing complex is the single costliest item in the $4.8-billion Olympics budget. Chicago expects private developers to pick up the construction tab, betting that they’ll profit by converting the buildings to apartments and condominiums afterward.
But if Chicago is chosen to host the games, the city will have no choice but to cover any construction costs the private sector won’t. That’s what happened in London and Vancouver, which are slated to host the next two Olympics and had to write big checks when private funding for athletes villages collapsed.
“Once your name’s on the paper, you’re hooked,” says Philip Owen, who was mayor of Vancouver when it launched its bid for the 2010 games. “You better get your checkbook: You’re going to need a lot of cash. There are always a lot of surprises.”
The city and the 2016 Committee is LYING to us about the true costs of the village and the games and HOW MUCH THE TAXPAYERS WILL HAVE TO PONY UP FOR THIS MESS.