Daley talks about Olympic host city agreement

June 26, 2009 (CHICAGO) Last week, the mayor met with the International Olympic Committee in Switzerland. While he told the IOC he would sign the host city contract.

On Friday, the mayor clarified the promise saying he wants a city council approved provision to the agreement to ensure that the $2.5 billion in guarantees already in place will be used before the city puts up any additional cash.

"We're gonna sign a host city agreement with the provisions of the city, the state and the insurance policy as added on to the host city agreement. That's what it's going to be and that is our protection for the taxpayers of the city of Chicago," said Mayor Daley.

"Yes, we're gonna sign it, but we're not going to sign it until the council reviews it, the public reviews it all the way to October. You have all of July , August and September."

The mayor has until October 1 to sign the host city contract.

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