Chicago’s bid includes guarantees

A multilayered package of financial guarantees designed to satisfy demands of the U.S. Olympic Committee was unveiled Friday in Chicago by city officials alongside leaders of the city’s bid for the 2016 Summer Games.

Worst-case financial scenario for Chicago: $500 million. But the city’s chief financial officer, Dana Levenson, told reporters that the chances of taxpayers being on the hook “are practically nonexistent,” citing five layers of financial responsibility, which would include the sale of luxury boxes at the Olympic Stadium.

The package of guarantees came in response to the USOC’s request, voiced Wednesday at the end of an inspection committee’s two-day visit, that Chicago put “some skin in the game.”

City officials also quickly sought to get back on message, given that time is limited -- the USOC will decide on April 14 which bid finalist is the winner, Chicago or Los Angeles.

“I don’t think the balloon has been burst,” said Chicago bid chairman Patrick Ryan at an afternoon news conference.

Bob Ctvrtlik, who headed the USOC inspection committee, said in a statement:

“The information presented today by the Chicago 2016 Bid Committee substantially satisfies our requirements with respect to financial guarantees. This is a responsible, balanced approach reflecting commitments from both the private and public sectors, which we believe is critical for an internationally competitive bid. This approach also takes into account the success Olympic Games held in the United States historically have enjoyed.”

To that end, Ryan said that the last 10 Olympic Games have had operating profits averaging $627 million. The City Council has expressed support publicly -- including Edward Burke, chairman of the financial committee -- and will consider the package on Monday.

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lisa.dillman@latimes.com