Chicago Mayor, Richard M. Daley, has promised taxpayers that they would not end up footing the bill for the 2016 Olympics (were Chicago to win the right to host the games).
How can he keep his word, given that those cities that host the Olympics tend to make huge losses?
Simple, Chicago has been secretly drafting a plan to sell public assets to help fund the Games and will use the money raised to cover up to $500M in losses.
The United States Olympic Committee had demanded financial assurances that Chicago can pay for the games. As such Chicago has developed plans for the sale of public air rights over near-downtown property.
On April 14, the U.S. Olympic Committee selected Chicago to represent the U.S. in the bid for the 2016 Olympics. The final choice of host city will be made by the International Olympic Committee in October 2009.
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