Members of Chicago 2016 are in Lausanne, Switzerland pitching the city's bid to the International Olympic Committee. During the presentation, Mayor Richard Daley announced he will sign the IOC's standard host city contract, giving Chicago full financial responsibility for mounting the games.
Chicago's competitors, Rio de Janeiro, Madrid, and Tokyo, all have blanket guarantees from their governments to cover financial risks.
Mayor Daley is not required to sign the contract until two days before the IOC picks the winning city in October. Chicago 2016 officials say they are confident taxpayers will not have to foot the bill for the games.
The city's bid is expected to cost $4.8 billion. So far, Chicago 2016 has a safety net of $2.5 billion. That total includes an additional $500 million in private insurance guarantees, announced Wednesday.
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