POSTED: Tuesday December 9th 2008
FOR IMMEDIATE RELEASE

CHICAGO 2016 FINALIZES AGREEMENT FOR MICHAEL REESE HOSPITAL SITE

Site enhances plans for proposed Olympic and Paralympic Village

CHICAGO (December 8, 2008)—Chicago 2016 announced today that a purchase agreement has been reached to acquire the Michael Reese Hospital property from an affiliate of Medline Industries, Inc., for a purchase price of $86 million. The site enhances the bid committee’s original plan for the Olympic and Paralympic Village.  As part of the agreement, the seller will provide a charitable contribution of up to $32.5 million, which may be used for funding demolition and site remediation.

The proposed Village site will provide ample space for developing a world-class community that is sustainable, accessible and provides a comfortable environment that enables the athletes to perform at their highest levels. Amenities proposed for the Olympic Village could include a 5,000-seat dining facility, private workout facility, Internet cafes, clubs and cinemas. The additional land gives prospective developers more flexibility to deliver an Olympic Village that will be converted into a mixed-use, residential neighborhood after the Games, including affordable housing. If Chicago is not selected to host the Games in 2016, the City of Chicago will continue to pursue development of this new lakeside community on the City’s Near South Side.

“We are very pleased that we have been able to reach a final agreement, and we appreciate Medline’s flexibility in structuring a transaction that fits our needs.  Their charitable contribution clearly indicates that they share in our vision for how the Village development can provide long-term benefits to the City, such as affordable housing, new job development and the creation of a new environmentally advanced community.  For that we thank them,” said Patrick G. Ryan, chairman and CEO of Chicago 2016.  “Our enhanced plan for the Olympic Village development reflects the bid’s focus on creating the best possible competitive conditions and overall experience for the athletes and is an example of how Chicago’s bid for the Games will make a lasting contribution to the City.”

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About Chicago 2016

Chicago 2016 is a 501(c)(3) corporation whose mission is to seek the privilege of hosting the 2016 Olympic and Paralympic Games in Chicago. The committee’s board consists of business, civic, athletic, cultural and academic leaders representing Chicago and the surrounding Midwest region. Patrick Ryan serves as the organization’s chairman and CEO.

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Keywords · Chicago 2016 · olympic bid · Michael Reese Hospital · Patrick G. Ryan

Name: Mica Matsoff
Organization: Chicago 2016 Olympic Bid
Email:
Phone: 1.312.861.4826
URL: http://www.chicago2016.org/

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