Professor
04-12-2007, 03:44 PM
http://www.chicagotribune.com/sports/chi-0704110992apr12,1,4688403.story?coll=chi-news-hed
Blagojevich is willing to bet on Olympics
Governor pledges $150 million hedge
By Alexa Aguilar (aaguilar@tribune.com), Tribune staff reporter.
Tribune staff reporter John Chase contributed to this report
Chicago's final pitch Saturday to host the 2016 Olympic Games will include a pledge from Gov. Rod Blagojevich that the state will kick in $150 million if the Games end up losing money.
In a letter forwarded to the U.S. Olympic Committee, Blagojevich wrote that if Chicago beats out Los Angeles for the national bid, the governor will use all his efforts to pass legislation to guarantee the money.
The City of Chicago has already promised that it would back the Olympic bid with a $500 million guarantee.
"The fact is the Olympics is a big deal for the city of Chicago and the state of Illinois. And why wouldn't the state back the city and private investors for the Olympics?" Blagojevich said Wednesday following a speech at Northwestern University in Evanston.
"You gotta think big, man," the governor said. "California's doing it. And that's who we're competing against."
Blagojevich and Mayor Richard Daley say that it is unlikely the funds will ever be tapped because of anticipated profits of $525 million if Chicago ultimately hosts the Games.
But after national committee members made a visit and said that local government must have "skin in the game" to be successful, the City Council approved a $500 million package.
The state's $150 million Olympic guarantee is appropriate, said Daley, who compared it to "an insurance agreement."
Olympic officials "want to know if the state is for it," he said. "Who's for it? The city is for it. Is anybody else for it?"
The United States is the only country in the world that does not provide a national Olympic guarantee, requiring other levels of government to step up, Daley said.
California Gov. Arnold Schwarzenegger signed legislation this week to provide $250 million in state money to underwrite the 2016 Olympics if Los Angeles is picked as the U.S. city to move into the international round of the selection process.
Because the 2016 Olympics are years away, it is impossible to predict where the state would get the funds if the money was needed, said Blagojevich spokesman Andrew Ross.
A spokesman for House Speaker Michael Madigan said Madigan hadn't been told about Blagojevich's pledge. Senate President Emil Jones is supportive and would help to pass the bill, a spokeswoman said.
Blagojevich is willing to bet on Olympics
Governor pledges $150 million hedge
By Alexa Aguilar (aaguilar@tribune.com), Tribune staff reporter.
Tribune staff reporter John Chase contributed to this report
Chicago's final pitch Saturday to host the 2016 Olympic Games will include a pledge from Gov. Rod Blagojevich that the state will kick in $150 million if the Games end up losing money.
In a letter forwarded to the U.S. Olympic Committee, Blagojevich wrote that if Chicago beats out Los Angeles for the national bid, the governor will use all his efforts to pass legislation to guarantee the money.
The City of Chicago has already promised that it would back the Olympic bid with a $500 million guarantee.
"The fact is the Olympics is a big deal for the city of Chicago and the state of Illinois. And why wouldn't the state back the city and private investors for the Olympics?" Blagojevich said Wednesday following a speech at Northwestern University in Evanston.
"You gotta think big, man," the governor said. "California's doing it. And that's who we're competing against."
Blagojevich and Mayor Richard Daley say that it is unlikely the funds will ever be tapped because of anticipated profits of $525 million if Chicago ultimately hosts the Games.
But after national committee members made a visit and said that local government must have "skin in the game" to be successful, the City Council approved a $500 million package.
The state's $150 million Olympic guarantee is appropriate, said Daley, who compared it to "an insurance agreement."
Olympic officials "want to know if the state is for it," he said. "Who's for it? The city is for it. Is anybody else for it?"
The United States is the only country in the world that does not provide a national Olympic guarantee, requiring other levels of government to step up, Daley said.
California Gov. Arnold Schwarzenegger signed legislation this week to provide $250 million in state money to underwrite the 2016 Olympics if Los Angeles is picked as the U.S. city to move into the international round of the selection process.
Because the 2016 Olympics are years away, it is impossible to predict where the state would get the funds if the money was needed, said Blagojevich spokesman Andrew Ross.
A spokesman for House Speaker Michael Madigan said Madigan hadn't been told about Blagojevich's pledge. Senate President Emil Jones is supportive and would help to pass the bill, a spokeswoman said.