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IOC releases report on 4 bid cites for 2016
(Agencies)
Updated: 2009-09-03 02:36 "Chicago 2016 has not provided a full guarantee covering a potential economic shortfall of the OCOG (Olympic organizing committee) as requested by the IOC," the report said, adding that Chicago had instead proposed a capped guarantee of $750 million which presents a "risk" in the event of a larger deficit. At the time of the IOC visit, the report said, Chicago had formally requested that the IOC amend the host city contract dealing with the financial guarantees, and the IOC had refused. Since then, however, Chicago Mayor Richard M. Daley has pledged to sign the contract, requiring the city to take full financial responsibility for the games and the proposed $4.8 billion operating budget. The IOC report praised Chicago's compact venue plans along the downtown waterfront, and minimum travel time for athletes, but noted that the equestrian, shooting, road cycling and mountain biking venues were relatively far away. The report also singled out the "well-designed and compact lakefront Olympic village" but noted that, at the time of the commission's visit, full financing guarantees for the complex had not been provided. The IOC also said Chicago's use of temporary or scaled-down venues "increases the element of risk" to the organizing committee, and said transportation could be a "major challenge" because it would involve more than doubling the peak commuter traffic. The report said there was a need for "clearer delineation of roles and responsibilities" between the city and organizing committee, and said Chicago's budget - including sponsorship revenue target of $1.83 billion - is "ambitious but achievable." Tokyo, which held the Olympics in 1964, drew praise for its compact venue plan and government financial backing but was cited for a "relatively low level of public support" in an IOC opinion poll from February showing support of only about 55 percent of Tokyo residents. Madrid, bidding for the second time in a row after losing to London in the race for the 2012 Games, was lauded for its compact layout and readiness of existing venues. But the report criticized Madrid's bid for not showing "a full understanding of the need for clear delineation of roles and responsibilities, including financial, between different stakeholders."
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