Senate signs off on $250M guarantee for Olympics

SPRINGFIELD — The Illinois Senate signed off on a $250 million state guarantee for the 2016 Olympics in a bid to burnish the city’s image before a visit next week by international Olympics officials.

“Our skin is in the game,” said Sen. Kwame Raoul (D-Chicago), the lead Senate sponsor of the Olympics funding guarantee, which passed 54-3 today and now awaits Gov. Quinn’s expected signature. “This means we can continue on an equal basis with the other bid cities.”

State taxpayers would be on the hook for up to $250 million only if the Olympic games prove to be unprofitable. The city has pledged $500 million in guarantees to boost Chicago’s chances against Madrid, Rio De Janeiro and Tokyo.

Raoul said he is “confident enough that we won’t tap into that $250 million that if I were a betting man, I’d put my own home on the line.”

Organizers believe the games could pump $22.5 billion into Illinois’ economy and create 315,000 jobs.

The only no votes today came from Sen. Michael Bond (D-Grayslake), Sen. John Millner (R-Elmhurst) and Sen. Kyle McCarter (R-Decatur).