Resolution calls for Chicago 2016 books to be opened to 'objective' third-party
Chicago 2016 must open its books to an “objective” third-party — possibly the Civic Federation — for an analysis of the city’s Olympic bid, under a resolution approved by the City Council Tuesday.
Burned by the parking meter fiasco, aldermen want to make certain that taxpayers don’t get left holding the bag for an unlimited financial guarantee, as required by the host-city contract Mayor Daley has promised to sign after lining up private insurance.
The resolution calling for a Civic Federation analysis was co-sponsored by Finance Committee Chairman Edward M. Burke (14th) and Traffic Committee Chairman Pat O’Connor, Daley’s unofficial City Council floor leader. It drew widespread support.
“There’s a lot of people in my community who don’t trust the 2016 committee,” said Ald. Richard Mell (33rd).
Daley countered, “There’s no credibility gap. I don’t know where they get that.”
The Civic Federation study was only one of several Olympic-related proposals unveiled Tuesday.
As promised, Ald. Manny Flores (1st) introduced an ordinance that would cap the contribution from Chicago taxpayers at the $500 million the City Council has already pledged.
And a resolution sponsored by Ald. Toni Preckwinkle (4th) demanded that Chicago 2016 appear before the Finance Committee prior to Aug. 31 to discuss “prior expenditures, pro-bono contributions from the private sector” and future bid financing, “including insurance protections.”
Chicago 2016 Chairman Pat Ryan has said he needs 45 to 60 days to line up the $1 billion in private insurance policies needed to shield Chicago taxpayers from losses exceeding the $500 million already promised.
But, Daley said Tuesday that Ryan would brief aldermen sooner, if at all possible.
“We’re trying to get an insurance policy…We have not come up with that end plan” yet, the mayor said.
“This is a tough environment [to line up insurance] and Pat is truthful and honest. If he said 30 days and it didn’t happen in 30 days, you’d be writing that. Give him 60 days. If he can do it earlier, he’ll do it earlier.”