2 July 2009 – First ward alderman Manny Flores has proposed an ordinance to cap the city’s liability for the 2016 Summer Olympics here in Chicago at $500 million. This proposal was in response to Mayor Daley’s meeting with the Olympic Committee in Switzerland on June 17. In that meeting Mayor Daley said as host city of the Summer Olympics, he would sign a contract that Chicago would be burdened with all loses incurred. As of today, ten other city alderman have signed on to the Flores proposal and will act as co-sponsors. Many people are concerned that if Daley were to sign such an agreement and there were cost overruns, the likely source to make up the difference would be real estate taxes in the City of Chicago.Email This Post To a Friend.
Flores’ Olympic Bid Cap Possibly Protecting Our Property Taxes
July 2, 2009
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