NATO Summit to Generate $128 M for Chicago - NBC Chicago

Complete coverage of the Chicago NATO Summit

NATO Summit to Generate $128 M for Chicago



    Lori Healy, of the NATO Welcome Committee and World Business Chicago, Monday said Chicagoans can expect a boon from the arrival of foreign leaders for NATO. (Published Monday, April 30, 2012)

    World Business Chicago, the independent arm of Mayor Rahm Emanuel's administration, released new figures Monday on the economic impact of the coming NATO Summit.

    Not how much the May 20-21 meeting of world leaders will cost or the size of Chicago's bill, but the revenue the city will collect for its efforts.  

    The summit is expected to generate about $128.2 million in revenue, according to World Business Chicago, of which Emanuel named himself chair. That's thanks to more than 18,300 estimated attendees and staff booking more than 44,000 nights of hotel rooms, and the addition of 2,200 temporary jobs during the weekend.

    "The Summit will bring economic benefits in the form of spending, tax revenues, employment, hotel guests, tourism, and broader global attention," the organization wrote in its report summary.

    Rahm Reiterates 'No Tax' Pledge for NATO

    [CHI] Rahm Reiterates "No Tax" Pledge for NATO Summit
    The Mayor has said repeatedly that the tax payers of Chicago will not have to pay a dime for hosting the annual summit.
    (Published Monday, April 30, 2012)

    The report figures Chicago will accrue $3 million through tax revenues not including state or county taxes, and the summit is expected to draw a total of 21,200 visitors.

    World Business Chicago also says the city will benefit from "immediate and long-term international attention, reinforcement of Chicago’s brand as a world class city, and elevation of Chicago’s role as host for future global events."

    The group mentions protests and "unscheduled disruptions" may occur, but its value of exposure could not reliably be estimated and wasn't included in the study.

    Not All Businesses Dreading NATO Summit

    [CHI] Not All Businesses Dreading NATO Summit
    Though there are threats of protests that could turn violent, many businesses located near NATO Summit action are welcoming the influx of people.
    (Published Friday, April 27, 2012)