Chicago 2016 Update: Taxpayers won’t be footing bill for Games, at least for now

2016 Update

Yup, I said it. Well, actually, the new money manager for the Chicago 2016 bid committee, Rick Ludwig, said it, according to a Sun-Times report.

The city and state have offered to cough up $500 million if Olympic revenues fall short, but Ludwig doesn’t think they’ll be tapped into.

Why? Bad accounting, of course…or is it honest accounting?

Ludwig said that if cities lose money because of the Games, it’s a matter of accounting. He says the costs of permanent building projects shouldn’t be included.

If he believes the city absolutely needs these changes, I understand that. But to think these changes would happen regardless of the Olympics on the same timetable, well, I think he’s mistaken.

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