No Money for a Contract...
- Use of more taxpayer money to finance Mayor Richard Daley's Olympic dream was approved today by a key City Council panel.
The measure, passed by the Finance Committee and headed for the full Council on Tuesday, is part of a package of city guarantees and agreements required to be included in Chicago's bid, which is due February 12.
The ordinance commits the city to use an unspecified amount of tax-increment financing dollars to help build the Olympic Village that would house athletes during the 2016 Summer Games.
It also guarantees that the city will cover the cost of services such as additional police patrols and street cleaning, estimated at about $45 million. And it reaffirms a guarantee of $500 million--originally made in 2007--to cover any operating shortfall for the Games.
Coming up on 19 months with no contract for those of you keeping score at home.