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“Earlier this year the City Council approved a $500 million guarantee that the 2016 Summer Games wouldn’t operate in the red.

“There will be less money available to ensure that city taxpayers won’t be on the hook because of the declining real estate market, said Patrick Ryan, chairman and chief executive of Chicago’s Olympic bid effort, at a news conference in Chicago.”

Update: Crain’s: “Under Mr. Ryan’s plan, the city would agree to cover the first $250 million of any shortfall, with insurance and a hope-for state guarantee picking up the next $500 million, and the city covering the next $250 million.”

[clears throat]

Ben Joravsky, 12/4/08: “When colleagues in the media ask me why I don’t join the Tribune and Sun-Times in cheering on Daley’s Olympic crusade, I always flip it around: With so many fundamental questions about the cost still unasked, must less answered, how in the world can anyone responsibly support it?”

Ben Joravsky, 11/20/08: “To fund the proposed Olympics–another big-ticket mayoral dream we can’t possibly afford–Daley sold Midway cheap (I’m starting to think the Indians got a better deal for Manhattan), and continues to siphon property tax dollars away from our cash-starved public schools.”

Ben Joravsky, 8/7/08: “Think about this for a moment. The city’s $400 million in the red, we’re in the midst of a crisis in low-income health care, and the condo market’s soft. But the mayor’s gearing up to sink $85 million into a 7,500-unit condominium complex that will take the place of a hospital.”

Ben Joravsky, 7/24/08: “But as I’ve learned over the years, when our esteemed leaders start conjuring visions of something for nothing, they’re usually trying to cast a spell on the taxpayers.”