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Chicago and the 2016 Olympics
By Mark | March 15, 2007
Chicago just approved a $500 million backstop to its bid to host the 2016 Summer Olympics. That is not an automatic $500 million outlay; it is more like half a billion dollars of collateral in case the private development funding comes up short. That’s still a lot of money, but the City Council approved the measure 45-5.
Is it a good economic idea? I admit I tend to think so. Chicago is in something of a position that Barcelona was in prior to the 1992 Olympics, and Barcelona benefited greatly in terms of economy both immediately after the Olympics and in the time since. Both cities were somewhat off the normal tourist path, although Barcelona was much less so. Both cities had or have the ability to Get Things Done, which means good press about the state of the preparations rather than bad press (I’m looking at you, Athens 2004). Bias warning here: I think both cities are wonderful. We could be very, very impressive to foreign (and even domestic) tourists who would normally only think of San Francisco and New York as American cities to visit.
Keith Robinson at Chicagoist.com has some good criticism of the cost, but I think he presents an either/or situation that doesn’t exist. Money used to invest in the Olympics is also money that is invested in better infrastucture, if done properly. The CTA is not getting enough funding? The Olympic preparations would require an investment in public transportation. The South Side is being neglected? The opening and closing games would be held in Washinington Park, which is bound to spur development and draw attention to the area. I’m being optimistic, I know, but there is the potential to do a lot of good for the city in these plans. For example, Millenium Park cost a king’s ransom, but I think it has already been a net addition to the city in the few years since it opened. So long as the investment in the Olympics is done with an eye to the long term community goals, this could be a great event.
Further information
Chicago’s Olympics: Pros and Cons (Video)
Olympic proposal stirs University community: an article from the Chicago Maroon. UChicago’s response is relevant because Washington Park is right next to the University.
Get wind of this: Maggie Haskins of Sports Illustrated makes a case for Chicago in 2016
Olympic Dollars and Sense: WBEZ Chicago, the NPR affiliate, talks to Prof. Allen Sanderson about the true cost of the Olympic games.
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March 16th, 2007 at 12:20 pm
Chicago currently has the fifth biggest GDP in the world… Tokyo and NYC have roughly the same GDP as Canada. So… yeah, Chicago’s doing well. It’s projected to move to fourth by 2010.
March 16th, 2007 at 12:23 pm
I didn’t know that about Chicago. Do you know the link to that reference? I’d be curious to see where other cities stack up.