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by Jay Levine
CHICAGO (CBS) ― It's a go! Chicago's Olympic dreams moved one step closer to reality Tuesday morning.

As CBS 2 Chief Correspondent Jay Levine reports, Tuesday's big announcement means that Chicago and Los Angeles will square off to be America's contender for the summer games in 2016.

The green light came from U.S Olympic Chief Peter Ueberroth; but along with it came a warning for Chicago and Los Angeles.

If chosen as the U.S. applicant city, the competitiveness of the international process will be beyond anything they have ever experienced, according to Ueberroth.

Reacting to the announcement, Chicago 2016 CEO Pat Ryan was not deterred.

"We're excited the United States is going for it. After what would be a twenty years' absence, it would be great for the Olympic Games to return to the U.S., and it would be an honor to host them here in Chicago," Ryan said.

And Mayor Daley said, "The 2016 games would be among the most significant events in this city's history, and would bring very real economic and social benefits."

Chicago has made major progress on plans for the two facilities which could determine which city will come out on top.

There are now revised drawings of the proposed South Side Olympic stadium, which will become a scaled down athletic amphitheater after the games.

And refined plans for the south lakefront Olympic village which would house more than ten thousand Olympic athletes, then thousands of Chicago families.

Picture the concert stage on Chicago's Northerly Island, the former Meigs Field, as the site of a stadium for beach volleyball. And the surrounding areas used as cycling tracks, with Chicago's dramatic skyline as a picture-postcard backdrop.

Or North Avenue beach as the start, finish and transition of the Olympic triathlon.

Perhaps Jackson Park would be used for field hockey, after renovating playing fields which will be returned to the community for South Side soccer leagues.

All three sites are so close to the single lakefront Olympic Village that continues to be Chicago's strongest selling point.

Ryan says the committee has already raised the $25 million required to finance the bid, and also revealed Tuesday that there will be new venues in Lake County, Ill., DeKalb and even Minneapolis, giving the bid a regional component they hope will appeal to the U.S. committee.

Ryan said Tuesday morning, "Hopefully, the strength of our plans gave USOC confidence that the United States could win on the international level. However, we're still early in what is a long process, so we look forward to working with our friends at USOC - and here at home - to make our bid the best it can be."

But first, Chicago must win here at home. Some believe the city is a clear favorite over Los Angeles, which has already hosted the games, and has so far failed to reveal innovative plans like the lakefront Olympic village, the South Side amphitheater, and the fact that most athletes will be staying just minutes from where they will compete.

That's a major selling point.

Chicagoans will find out more in two weeks when the city's final plans are due.

It's like a political campaign, with Chicago and Los Angeles now in a primary.

The election is April 14, and the voters U.S. Olympic Committee members.

The winner begins a long campaign against the rest of the world's candidates. That election will be in October of 2009, voted in by the International Olympic Committee.

The winner hosts the games.

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