Wednesday, January 14, 2009

Olympic Village Boondoggle: Meanwhile In Chicago...


...City Council is already pledging a $500 million guarantee on any cost overruns that will be required to build and operate an Olympic Village if they are granted the 2016 Five Ringed Circus.

And how are they going to finance the thing?

Why, by Spec-U-Vesting, of course.

To the tune of $1.1 Billion:

"...If Chicago wins, the Olympic Village will be built on the Near South Side on the site of Michael Reese Hospital. The city recently agreed to buy the property for $86 million and plans to sell it to a developer. The 2016 bid team has estimated the cost of privately developing the village at $1.1 billion...."

Welcome to SuckersVille Chicagoans!


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