Council Approves Daley's Olympic Plan

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    NEWSLETTERS

    DBKing/Flickr.com
    Imagine how much you the Olympics could cost you.

    Pony up, Chicago.

    Alderman unanimously approved Mayor Daley's plan to put taxpayers on the hook for any Olympics cost overruns.

    The overwhelming vote clears the way for Daley to sign the Olympics host city contract before next month's deciding vote in Copenhagen.

    Chicago is one of four cities stil vying for the 2016 Summer Games, including Madrid, Tokyo and Rio.

    The vote, which may be met with grimmaces by tax payers, should impress the International Olympic Committe, which noted that Chicago didn't have such a plan in place yet. One member of the IOC was in attendance at the City Council vote.

    Along with the IOC, aldermen appear to be pleased with their handiwork.

    "I am really, really proud of the wonderful work that has been done by these individuals and our mayor,” said Ald. Eugene Schulter (47th).

    "Today is a great day for Chicago. . . . We have an opportunity to set the tone for the next 20 or 30 years," said Ald. Richard Mell (33rd).

    Chicago taxpayers could be paying for the games beyond 20 or 30 years if Chicago wins the games and then the whole thing blows up.

    Mayor Daley and Chicago 2016 Chairman Pat Ryan say that in order for that to happen, the Olympic organizing committee would have to burn through roughly $2.5 billion, according to the Sun-Times.

    "They have got this thing buttoned down so tight, unless a meteor hits us two days before" the Games, taxpayers will be protected, Mell said.

    The IOC will announce its host city decision during a ceremony in Copenhagen, Denmark on Oct. 2.