The City Council is mapping plans to hire an independent insurance analyst at taxpayers’ expense to comb through the $1 billion in private insurance policies being lined up by Chicago 2016 to shield taxpayers from any risk beyond the $500 million the City Council has already pledged.
Chicago 2016 Chairman Pat Ryan said this week he needs 45 to 60 days before he’ll be ready to outline the carriers, costs and conditions of the insurance.
But after a closed-door briefing with Ryan Thursday, Ald. Joe Moore (49th) insisted that the information be delivered to aldermen in time to conduct an independent risk-assessment analysis prior to the International Olympic Committee’s Oct. 2 vote.
Aldermen also intend to hire their own experts to verify Chicago 2016’s construction budget and the Olympic committee’s representation of surpluses generated by past Olympics to make certain “they’re not cooking the books,” Moore said.
Dispatches from Chicago's south side.
Thursday, June 25, 2009
City Council aim to shield taxpayers from Olympic risks
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