What would the Olympics cost Chicago taxpayers — or any U.S. taxpayers, for that matter?
The range of taxpayer-linked costs includes everything from a new breakwater for Monroe Harbor to infrastructure for the proposed Olympic Village to security and shuttle buses for the Games. Added up, those costs run in excess of $2.1 billion. The Chicago 2016 bid committee says much of that would be picked up by federal taxpayers, not local ones, in the form of national security and transportation costs. But the city of Chicago has agreed to sign an agreement taking full responsibility for any costs not covered elsewhere. The Chicago bid committee says taxpayers have a reasonable cushion because of an elaborate insurance package financed by private donations. But in the end, the taxpayers would be on the hook for any huge cost overruns. Chicago’s Olympic boosters point to the economic success of recent Olympics held in the U.S. A detailed breakdown of Chicago taxpayer obligations is here.
