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Olympics bid team holding secret meeting with aldermen

newsblogs.chicagotribune.com - 22 weeks ago - 247 views

Chicago 2016 committee called a private meeting with certain City Council aldermen to discuss a wrinkle that could put taxpayers on the hook for cost overruns. The committee doesn't want to do the meetings public, as they've already brought about some negative public backlash due to Mayor Daley's plan to sign an IOC contract putting full financial responsibility for the Olmpics on the host-city.

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Earlier this week, Chicago 2016 Chairman Pat Ryan said he needs 45 to 60 days to line up the $1 billion worth of private insurance policies needed to shield taxpayers from any risk beyond the $500 million the City Council has already pledged...Ryan has acknowledged that he knew several weeks ago that Chicago would be forced to sign the standard contract, but chose to keep it quiet.

From: http://www.suntimes.com/news/cityhall/1637276,daley-alderman-olympics-06...

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