LAUSANNE, Switzerland -- Faced with losing the 2016 Summer Games to competing cities offering full government guarantees, Mayor Richard Daley made an about-face Wednesday and said the City of Chicago would sign a contract agreeing to take full financial responsibility for the Games.
In a worst-case situation, such as severe cost-overruns or a catastrophic event, the agreement could leave taxpayers on the hook for hundreds of millions of dollars or even more, a scenario Chicago's bid team acknowledges but insists is far-fetched.
Bid officials said they can offer the guarantee because they plan to add another insurance policy worth a minimum of $500 million to existing guarantees, which they think creates an ample buffer for taxpayers. Full report from Chicago Tribune
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