Planned Site for Chicago Olympic Village 'Riddled with Asbestos'
As an initial step in the construction of the 2016 Olympic Village, Mayor Daley had planned to borrow $85 million to buy the campus of Michael Reese Hospital. However, the fact that 27 buildings on campus contain asbestos and lead based paint, and as there are several subterranean abandoned storage tanks, clean up costs will be far higher than originally estimated.
In fact, some sources say that quotes for the clean up have come in 60% higher than expected, at $32 million rather than $20 million.
The Chicago 2016 organizing committee is reportedly trying to salvage the deal by renegotiating the purchase price.
This is probably the beginning of what is going to be a long, drawn-out process. No doubt we'll hear more.