In the meeting, I learned that there is insurance in case the event is cancelled and if the city did not meet completion deadlines. The IOC provides some insurance in all those cases, in addition to the state and city. The federal government would also provide some money if Chicago received the 2016 Olympics.
It is beneficial that there is insurance in place to protect the taxpayers from covering financial problems that could arise from poor planning or unprecedented setbacks. Even though the committee for the 2016 bid says that this could all be done without an increase in taxes, many feel that is unrealistic. The insurance plans in place could prevent an even higher tax increase than one that may be necessary.
I was interested in the fact that there are so many agreements put in place, before Chicago even knows whether it will host the Olympic Games or not, regarding how labor will be distributed for the preparation for the Olympics. There are also agreements in place regarding what type of housing the structures created for the Olympics will be converted to. The labor is categorized by race, gender, and whether it is an apprenticeship position. The creation of housing is categorized by affordability.