(FROM ALDERMAN MANNY FLORES)
At today's City Council Meeting, I, along with several other City Council members, introduced legislation to reaffirm the City's $500,000,000 cap on a financial guarantee for the 2016 Olympic Games. This ordinance reaffirms legislation, previously approved by the City Council on March 14, 2007 and January 13, 2009, which declared $500,000,000 to be the City's potential maximum liability for the Olympic Games.
I remain a strong supporter of hosting the Olympic Games here at home, and I believe that the Games can provide an economic boost to our city, but I also believe that we must pursue the Olympic bid in a financially responsible and fully transparent manner. In these difficult economic times, where chronic budget deficits are leading to increased fees and taxes on city residents, it is imperative that the City Council assume its responsibility to protect the taxpayers from undue financial exposure associated with hosting the 2016 Games. I look forward to working with the Administration and the 2016 Committee, as well as the residents of the City of Chicago, to protect the short and long-term financial interests of our City while pursuing the Olympic Bid.
The legislation will be referred to the City Council Finance Committee for consideration. For more information regarding this legislation, please feel free to contact my office at (773) 278-0101 or ward01@cityofchicago.org. Click here to view the ordinance on Alderman Flores' Facebook page. |