POSTED: Friday February 13th 2009
FOR IMMEDIATE RELEASE

Chicago 2016 Releases Candidature File Following Official Submission to International Olympic Committee

Financially sound plan calls for festive Games focused on sport, friendship, youth and sustainable legacy

 
CHICAGO (February 13, 2009)—Today, Chicago 2016 officially released its Candidature File, or bid book as it is commonly known, to the public following the official submission to the International Olympic Committee (IOC) in Lausanne, Switzerland. The bid book is a three-volume, nearly 600-page document that responds to 227 major questions posed to all Candidate Cities by the IOC. A press conference was held at the Chicago History Museum with representatives from Chicago 2016, the United States Olympic Committee, and Olympic and Paralympic athletes.
 
“This submission is a significant milestone in the bid process for the 2016 Olympic and Paralympic Games, and we are excited to share our concept for delivering a spectacular Games experience with the people of Chicago, the nation and our supporters around the world,” said Patrick G. Ryan, chairman and CEO of Chicago 2016. “If you distill the entire book down to a few core ideas, what emerges are the themes of friendship through sport and the quest to inspire young people to take up sport and strive for personal excellence and a healthy lifestyle.”
 
Chicago 2016’s plan places the athlete at the center of the Games—and the Games in the heart of the city. The lakeside Olympic Village will put 90 percent of the athletes within 15 minutes or less of their competition venues and training sites. By integrating the venues into Chicago’s historic parklands and along the lakefront, Chicago 2016 has put the sport competitions in the midst of the accommodations, celebration sites, museums, dining, theater and shopping that make Chicago so vibrant. Chicago 2016’s Games plan accelerates the revitalization of the near South Side.
 
“One of the most important attributes of our bid is the strong partnership that unites Chicago 2016, the City of Chicago and the United States Olympic Committee,” said Stephanie Streeter, a USOC and Chicago 2016 board member. “All three partners have locked arms and worked closely together to develop a plan that effectively represents America’s aspirations to welcome the world.”
 
Environmental sustainability and economic responsibility are hallmarks of Chicago’s plan for the Games. In recognition of the historic and significant role of the lake and lakefront parklands in Chicago, Chicago 2016 created an environmental program under the banner of the Blue-Green Games, elevating the role of water in its drive for sustainability. As part of this program, all vehicles provided for Games operations will run on low-carbon fuels or electricity, and 100 percent of the electricity needed for the Games will come from renewable sources. 
 
\“Our proposal envisions a 2016 Olympic and Paralympic Games that represents the best elements of both Chicago and the Olympic Movement, a plan that involves the entire city, focuses on athletes and strengthens the Olympic Movement by building passion for sport, culture education and the environment for future generations,\” said Mayor Richard M. Daley.
 
The Candidature File includes a detailed estimated Games budget for the Organizing Committee for the Olympic Games (OCOG) and projects $3.3 billion in expenses against $3.8 billion in revenues. The projected excess revenue represents $500 million in contingency funds that provide a significant cushion against potential revenue shortfalls or cost increases. 
 
Those funds are supplemented by Chicago 2016’s additional financial strategies designed to insulate taxpayers from financial risk, for a total built-in safety net of up to $1 billion that is separate and apart from—and would take effect before—the City of Chicago’s financial guarantee.
 
Direct Games-related costs for planning and operations, including temporary enhancements to existing facilities, will be covered entirely by private funding sources, such as tickets, broadcasting rights and sponsorships.
 
“We submitted a financially responsible budget that relies on private funds with a substantial level of financial contingencies to protect against revenue shortfalls or cost increases,” said Ryan.
 
When adjusted for inflation, OCOG expenditures are less than 5 percent higher than the initial budget established during the domestic phase of the bid.
 
Total OCOG and non-OCOG expenditures equal $4.8 billion, which when adjusted for inflation represents a reduction in total expenditures of $80 million from the budget released during the domestic phase of the bid process. This decrease in cost is driven, in part, by the change in location for the Olympic Village.
 
The prudent financial stewardship applied by Chicago 2016 includes a budgetary assumption that the Olympic Village real estate deal will generate zero net revenue. Instead, organizers are now planning to raise $246 million in private donations. Any real estate proceeds that materialize would be used to pay for permanent venues and reduce the amount of donations required to be raised through a capital campaign.
 
A key element of the Chicago 2016 plan is to benefit from the city’s existing infrastructure and assets, supplemented with temporary venues. Eighty-five percent of the sport competitions will take place within the 5-mile Olympic Ring in the heart of the city.
 
The placement of venues takes full advantage of the city’s existing transport infrastructure and hospitality industry. Seventy-nine percent of sports will be staged in either existing or temporary venues, making the plan economically responsible.
 
“Other cities have used the Games to boost their infrastructure. We are using our infrastructure to boost our Games,” said Lori Healey, president of Chicago 2016. “That is how we can deliver a Games that live within its means while at the same time leaving a lasting legacy for Chicago and the region.”
 
Chicago 2016 founded World Sport Chicago as the living legacy of the bid, an organization that has already begun to impact sport and youth in Chicago by increasing accessibility to Olympic and Paralympic sport programs.
 

The Chicago 2016 bid is also guided by a commitment to keep the Games experience affordable so that as many fans as possible can attend events. More than half of the competition tickets will be priced below $50. The average cost of tickets for competition events is projected at $71.

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Keywords · Chicago 2016 · Olympic Bid

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

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