Aug 26, 2009 10:17 pm US/Central
Report: Taxpayers Protected From 2016 Costs
CHICAGO (CBS) ―
-
-
Chicago unveiled details for an Olympic Village in hopes of snagging the 2016 Summer Games. (File)
Courtesy Chicago 2016
The verdict is in on Chicago's 2016 Olympic bid. Not from the IOC, that decision is about a month away. This "verdict" is from a new study which looked at the risk to Chicago taxpayers. CBS 2 Chief Correspondent Jay Levine reports with the results.
So far so good, says this report, prepared by outside consultants with no ties to the city or 2016. It concludes the risk to taxpayers appears limited - if we stick to the plan. That's the big question, according to the study commissioned after
Mayor Daley promised to sign an agreement putting us all on the hook.
"We feel great. We have been telling the people exactly what's now in that report," said Chicago 2016 CEO Pat Ryan. "And we're gonna deliver. That's the key."
As Ryan spoke with CBS 2, the Civic Federation president was returning from City Hall, having delivered the independent $100,000 plus report, which called the bid financially sound.
"But the real risk to the taxpayers in Chicago is not so much the details of the Olympic plan, it's not following the plan," said Civic Federation President Lawrence Msall.
"I think it's reassuring," said Ald. Toni Preckwinkle.
Preckwinkle's constituents, speaking in the shadow of the proposed Olympic Village, were not totally convinced.
"I don't totally believe that they'll be able to accomplish this without displacing this community," said Chicagoan Angela McCarty.
"I think we're all gonna pay for it, but it's gonna be the best investment we've made as a city so far," said Chicagoan James Lott.
"I feel that the money could be invested into schools, health care, so many other things that the community can use other than the Olympics," said Chicagoan Mary Keel.
The biggest single cost, the billion dollar Village, was also the consultants' biggest concern.
So what if the developers go under? Then who's holding the bag?
"We have to have a Village done. But the Village doesn't have to be the classy development that is planned. It just has to be adequate housing," Ryan said.
Ryan points to three-quarters of a billion dollars in insurance on that project. He understands that some remain unconvinced and think the city's spent too much time and effort on the bid. But he says there's a reason for that.
"We've been single-minded as Chicago 2016 to get this right for the people of Chicago, and we have it," Ryan said, "Now we just gotta win it."
So where does Chicago stand right now in the bid process? Pat Ryan usually ducks that question. But tonight, he seemed to agree with the analysis that Rio de Janeiro may be forging ahead.
"I hope they are. Because anybody who's in the lead at this time normally has a problem at the finish line," Ryan said. "So I hope they just keep steam-rolling down to the finish line and we can pass them right at the end."
Just like London nipped Paris at the wire four years ago. Like they say at the track, early speed doesn't win many races.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
The Tattooed Ladies of Hollywood
Got A Concern? Send It To Jay Levine
Click to enlarge
Stumble It!
Reporting
Comments