01/12/2009 05:12 am ET Updated May 25, 2011

Chicago Olympic Bid Money Could Be Short

Chicago 2016 Olympic planners on Friday revised their venue plan to turn an even brighter spotlight on Washington Park and Northerly Island -- and lowered their projected surplus by $225 million because of the moribund real estate market.

The revised, $500 million surplus will reduce the level of protection shielding Chicago taxpayers and force the City Council to reaffirm a $500 million Olympic guarantee approved in March, 2007.

The initial guarantee assumed a Chicago Olympics would turn a $525 million profit and that -- even if it lost money -- a $200 million private sector cushion provided by Olympic Village equity and the sale of stadium skyboxes would shield taxpayers.

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