01/17/2009 05:12 am ET | Updated May 25, 2011

$86 Million Olympic Village Deal Approved

Mayor Daley's plan to borrow $86 million to acquire Michael Reese Hospital property for a $1.1 billion Olympic Village sailed through a City Council Wednesday after a move to appease black and Hispanic aldermen livid about their 6 percent share of Olympic largesse.

Instead of demanding that union apprentices fill 5 percent of the "worker hours in the building trades" generated by Olympic construction projects, Chicago 2016 will make its "best efforts" to achieve 10 percent.

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