Council Approves $500 Million Olympic Guarantee

Despite heated debate, the Chicago City Council passed a resolution to approve a $500 million guarantee for the 2016 Olympics by a vote of 45-5.

Ever since U.S. Olympic Committee officials left town last week after touring Chicago and seeing our presentation for the 2016 Summer Olympic Games, I have watched in amusement while aldermen, civic groups, columnists and bloggers have debated the Olympic guarantee issue. Why is it that everyone is so gung ho on the idea of bringing the Olympic Games to Chicago, but as soon as you mention the price tag, they balk at the idea?

Opponents to the city’s Olympic plan were (and still are) reluctant to put forth the money because they’re not sure the investment is worth it and they don’t have a clear picture of what the city will get out of it. That’s understandable because a lot can happen in nine years. But that is true of any financial investment. If you invest in the stock market, you do so knowing you could lose money or you might make money.

The fact is, putting on the Olympics is a huge endeavor that will showcase the city in a way that no other event would do. And yes, it will cost money – lots of it. Just like running a business, you have to invest money in order to make money. It's too soon to push the panic button. After all, if the USOC chooses Los Angeles over Chicago as its American candidate city on April 14, all this debate will be pointless. I prefer to cross that bridge when we come to it.