Officials: Cost of 2016 Olympics would be $3.3 billion
Chicago Olympic bid officials said Friday the cost of presenting a summer games here in 2016 would be $3.3 billion with a “safety net” of at least $1 billion against shortfalls.
That safety net would be used before the city would be on the hook for $500 million if revenues fall short.
Revenues are pegged at $3.8 billion in the Chicago group’s bid book, submitted to the International Olympic Committee, which will decide in October if Chicago wins the right to host the games.
The cost does not include a $976 million price tag for an Olympic Village just south of McCormick Place which officials say will be covered by developers. The Olympic Village cost is the main item in the budget of privately raised costs which exceed $1 billion.
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