Nov 21, 2008 6:12 am US/Central
Olympic Village May Come To Reese Campus After All
Alderman: Chicago 2016 Close To Deal With Hospital Owner
CHICAGO (STNG) ―
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The 2016 Olympic Village may be coming to the Michael Reese Hospital campus after all.
Illinois Landmarks Commission
It looks like the on-again, off-again plan to move the $1.1 billion Olympic Village to the campus of Michael Reese Hospital could be back on again.
Ald. Toni Preckwinkle (4th) disclosed Thursday that Chicago 2016 Chairman Pat Ryan is closing in on an agreement with Medline Industries, owner of the 37-acre Reese site. A $485 million borrowing to finance the acquisition could be approved by the City Council next month, she said.
The Chicago Sun-Times reported in late September that the city had broken off talks with Medline after the property owner refused to assume the skyrocketing cost of demolition and environmental clean-up, pegged at $32 million and rising.
Preckwinkle responded by urging City Hall to condemn the property to get around Medline.
On Thursday, Preckwinkle said she has no idea whether Medline has now agreed to pick up the entire demolition and clean-up tab, or just part of it. She would only say, "Pat Ryan has been working hard on it. I'm told there's hope things will be worked out. I expect it to be. Hopefully, it'll get done in time for the December meeting."
Medline spokesman Jerreau Beaudoin acknowledged "ongoing conversations" with the city. But he refused to say whether an agreement was near.
Ryan is in Istanbul, Turkey, for a meeting of the European Olympic Committee, where he's expected to be joined by Mayor Daley.
Earlier this week, Ryan told the Sun-Times he expects to take the wraps off the city's final Olympic plan in mid-December.
(Source: Sun-Times News Group Wire © Chicago Sun-Times 2009. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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