Flores Moves Forward With Olympic Cap Ordinance

1st Ward Alderman Manny Flores is moving forward with his plans to introduce an ordinance in the City Council to limit the city's Olympic liabilities. "While I remain a strong supporter of hosting the Olympic Games here at home and believe that the Games can provide an economic boost to our city," Flores said in a press release. "We must pursue the Olympic bid in a financially responsible and transparent manner." Flores would like to restrict the city's liability to $500,000,000 should the city win the bid to host the 2016 Summer Games. Mayor Daley signed a contract with the International Olympic Committee earlier this month in Switzerland, leaving taxpayers on the hook for unlimited damages.

The entire text of the proposed ordinance, after the jump.