The ordinance sets a goal of 30 percent low-income housing in the Olympic Village after the games, and describes an ambitious plan described as a "scorecard" for minority hiring.
After a group of minority aldermen refused to go along with the stated goal of 25 percent of contracts for minorities and 5 percent for women, sponsors agreed, at the last minute, to change those benchmarks to 30 and 10.
The community groups vowing next week's protest had been demanding 50 percent minority hiring.
Hesitation on the part of some aldermen delayed the meeting for over an hour.
Alderman Ed Smith said had the changes not been made, fully 14 aldermen were prepared to vote against the ordinance.
"This may not be a perfect document, these may not be the goals they (some community groups) wanted to incorporate," said Alderman Fredrenna Lyle. "But we established a floor and we are going to continue to work with Chicago 2016 to see how we can exceed that floor."
"It is a wonderful document," said Lyle. "It is a good document and something we can be proud of."
"I said before I wasn't a cheerleader for the Olympics," said alderman Pat Dowell. "I'm feeling a lot better about that today."
Even Smith, who had demanded today's changes, urged community activists not to disrupt the visit of the IOC.
"I think they ought to be cooperative enough to sit down and talk about it, without protesting," he said.
But Kenwood-Oakland chief Jay Travis said her organization had been more than patient.
"We're definitely disappointed," she said. "We're down to the wire, and we haven't seen a good faith effort."
