Good one Dan!

From Crains:

The Herculean challenge for the Olympics succeeding in Chicago is convincing city taxpayers to incur a potential $500-million tax bill associated with the cost of the games (”Olympics could cost taxpayers $500 million,” ChicagoBusiness.com, March 9). It’s a staggering amount for “games” when the Chicago Transit Authority continues to cry for more money and the Chicago Public Schools continue to falter.

The Chicago bid committee is projecting a “$525-million operating surplus.” The Olympic stadium is proposed to be built for $366 million. Olympics bid Chairman Patrick Ryan seeks to raise more funds from the private sector.

The cost of bringing the Olympics to Chicago seems to be built on a rather shaky foundation of “projections” and “proposals.” Sound financial analysis does not seem to be a component of the Olympics bid. Where are the firm numbers associated with costs? While I fully understand that any large project such as the rebuilding of Soldier Field or Millennium Park is subject to cost overruns and fiduciary irresponsibility, to pretend that it can’t or won’t happen with as large an endeavor as the Olympics is foolish at best and irresponsible at worst. If ever a project screamed for sound financial analysis, this is it.

The numbers associated with an Olympics bid and the costs associated with winning the bid need to be presented in an open and honest manner to those who may end up having to foot the bill — the citizens of Chicago.

While the prospect of the Olympic Games in Chicago may be an enticing and exciting opportunity for the city, let’s not welcome the Olympics with open arms and empty pockets.

Daniel Messick
Forest Park