Finance Committee OK's 2016 Host City Contract

By Marcus Gilmer in News on Sep 8, 2009 9:45PM

The City Council's Finance Committee okay'd the host city contract for the 2016 Olympic bid. It now goes before the City Council for a full vote tomorrow, when it is expected it will be approved and then signed by Mayor Daley. According to Crain's:

The City Council and the 2016 bid committee reached a deal after the Chicago bid committee agreed to provide detailed quarterly financial reports on the process and information about who gets Olympic contracts. The project has an estimated budget of $4.8 billion.

Mayor Daley's initial reluctance to sign the contract was seen as a hurdle to the city's bid, but Daley agreed to sign the contract at a June presentation to the IOC in Switzerland.