Laurence Msall, President of the Civic Federation, is interviewed for this segment of the City Room news program about the Federation’s fiscal analysis of the Chicago 2016 Olympic Bid. He points out that taxpayers face the greatest risk if the City of Chicago and Games organizers stray from the original bid plans and do not provide for transparency and oversight.
This news segment discusses the Civic Federation’s fiscal review of the Chicago 2016 Olympic bid and points out that the Federation found that the proposed operating budget protects taxpayers but notes the Olympic Village plan contains real estate risk that must be managed.
This nightly news segment features an interview with Civic Federation President Laurence Msall about the Federation’s analysis of the Chicago 2016 Olympic Bid. Mr. Msall notes that the operating budget for the Bid is on the whole fair and reasonable, but the Federation has reservations about the financing of the Olympic Village and the Bid Committee’s sometimes optimistic revenue projections.
This piece discusses the Civic Federation’s review of the Chicago 2016 Olympic Bid to determine whether the plan provides adequate protection for taxpayers. The story notes that the Federation’s report calls for considerable oversight of the Games by the Chicago City Council and discusses the inherent real estate risks associated with the Olympic Village plan that must be managed through the…
This article reviews the Civic Federation and L.E.K Consulting’s analysis of the Chicago 2016 Olympic Bid. It discusses the recommendations in the report, which include a call for greater transparency on the part of the bid committee and increasing the insurance coverage to minimize taxpayer risk associated with the proposed Olympic Village. The article also notes the costs the City will incur to…
This article discusses the Civic Federation’s fiscal analysis of the Chicago 2016 Olympic Bid. The Federation warns that while the proposed operating budget provides adequate protection to taxpayers, some of the bid’s revenue projections were optimistic and the plans for the construction of the Olympic Village include real estate risk that must be managed. The report also notes that the bid needs…
The Civic Federation and our consultant L.E.K. Consulting testified yesterday before the Finance Committee of the Chicago City Council about our review of the financial aspects of the Chicago 2016 Olympic Bid. The Federation delivered its full 90-page report and 22-page narrative summary to all fifty aldermen on August 26, 2009. On June 30, 2009, the Chicago City Council had asked the Civic…
CHICAGO) The Civic Federation, after a six-week review of the Chicago 2016 Olympic Bid, has determined that the operating budget provides adequate protection for taxpayers, but the development of the Olympic Village exposes the City of Chicago to continuing real estate risks that must be managed. The Civic Federation is a 115 year-old independent, non-partisan government research organization…
The Civic Federation and L.E.K. Consulting's review of the Chicago 2016 Olympic Bid has determined that the operating budget provides adequate protection for taxpayers, but the development of the Olympic Village exposes the City of Chicago to continuing real estate risks that must be managed. Click here to read the full 90-page Chicago 2016 Olympic Bid Review.
On Monday, August 17, 2009, Governor Pat Quinn signed an amended version of Senate Bill 189 into law. Senate Bill 189 is now Public Act 096-0542 and will take effect January 1, 2010. The legislation amends various acts concerning governmental transparency including the Illinois Open Meetings Act, Freedom of Information Act, and Attorney General Act. The reforms will make it easier for…
