Chicago released documents last week that placed a $900 million price tag on the cost of building new facilities for the 2016 Summer Olympics should the city win the international competition to host the games.
The games are projected to generate about $2.5 billion, according to the documents that contained the financial projections. The $900 million cost for various facilities is in addition to $1 billion for the proposed Olympic Village to house athletes.
The city would use domestic revenue — including that generated from sponsorships and funds from the International Olympic Committee — to cover operating costs, while private funding would be raised to pay for constructing various facilities, both temporary and permanent.
Some tax increment financing borrowing might be done to fund improvements for permanent facilities, city officials previously said. The documents also noted that $3 billion worth of transportation-related improvements are expected to be made in the region prior to the games.
The city previously offered up a $500 million guarantee that the games would achieve a profit, a guarantee required by the U.S. Olympic Committee prior to its selection of Chicago last year as the nation’s bid city.
