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All photos courtesy Wikipedia

The closing ceremony at the 2008 Beijing summer games.

Mayor Richard Daley has agreed to sign the standard International Olympic Committee host city contract should the IOC choose Chicago for its 2016 summer games. The move cements the role of taxpayers as backers of the games should budget projections for a Chicago Olympics fail to be realized.
The standard IOC contract puts the games' financial liability on the city and Chicago 2016, the local organizing committee. Chicago 2016 president Lori Healey, told the Tribune the city has a commitment for $500 million in insurance to pay for the sporting event, if needed.
Despite promises from the Mayor and Chicago 2016 officials that no public money would be spent on an Olympics here, the city, with aldermanic approval, has already put taxpayer dollars on the line to support the games, including a $500 million guarantee for the games' operations and $86 million to purchase the former Michael Reese Hospital site for an Olympic Village.
Last year, Chicago Journal reported, for example, that John Murray, chief of bid operations for Chicago 2016, told members of the Union League Club and visitors that "taxpayer money is not being used for the games."
"The misconception out there about the games is they cost more than they bring in," Murray said.
Ticket revenues, sponsorship fees and television dollars would ensure the games profitability, he said.
Asked by reporters about funding after his Union League address, Murray said he was referring to tax increment financing dollars during his presentation, a program "the city has used, as you know, for many years to facilitate development in areas, working with developers to provide incentives - those funds, are funds generated by the development itself, not using taxpayer dollars."
Near West and Near South Side aldermen worried about the implications of the mayor's overseas move, which was neither announced nor discussed with council members before he left, according to Ald. Robert Fioretti (2nd).
"My discussion with all my colleagues is what are we on the hook for? This diminishes support not only on the council but also among people who have high [hopes] for the Olympics here," Fioretti told Chicago Journal last Thursday morning.
Asked about the mayor's reversal, Ald. Walter Burnett (27th) said, "I think they changed some things."
It's a move, he acknowledged, that has left city council members frustrated. Burnett said he supported the games coming here but worried about the burden it might put on the city.
"I have a problem with that," he said.
The deal "needs transparency, review - it needs public discussion," Fioretti said.
Ald. Pat Dowell (3rd) wrote in an e-mail, "It would be unfortunate for the Mayor to commit Chicago taxpayers to potential costs overrruns above and beyond the $500 million we are already on the hook for. Perhaps, in the heat of the IOC meeting, he spoke hastily.
"I don't think the Mayor can sign a contract, substantially different from what is already on the books, on behalf of the city without the approval of the city council. I am sure Mayor Daley intends to bring this issue before the representatives of the people of Chicago to discuss."
In an interview with WGN, Daley defended his decision.
"If everyone goes bankrupt in the world, I don't know what happens," Daley told the radio station. "The one thing I know is it is only $500 million to Chicago taxpayers.
"Here is what it is. Only $500 million we agreed to. This other thing is like an insurance policy."

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