National Taxpayers United of Illinois issued this statement today:
Without liability protection, a Chicago 2016 Olympics will put Illinois taxpayers on the hook for billions of dollars, according to the president of Illinois’ largest taxpayer organization.
“Chicago submitted its bid details to the International Olympic Committee in February ballyhooing its financial strength, with organizers saying they have at least a 1 billion dollar safety net if the games exceed the estimated $4.8 billion price tag. They didn’t mention that they were putting Illinois taxpayers at risk for many billions of dollars,” said Jim Tobin, President of National Taxpayers United of Illinois (NTUI).
“Chicago Mayor Richard Daley is pushing hard for the 2016 games and could end up pushing Illinois taxpayers over a cliff. He has stated that he will sign the standard Olympic host city contract, which includes the assumption of unlimited financial liability for the games.” Read the full press release
Founded in 1976, NTUI is the largest taxpayer organization in Illinois with over 30,000 members and affiliations with over 200 local taxpayer groups.