Aldermen approve tax funds for Olympics bid

The Chicago City Council has approved the use of property taxes for Chicago's 2016 Olympic bid.

Without debate, the council on Tuesday also guaranteed the city would cover the expense of additional police patrols, street cleaning and other services for the Summer Games.

With the vote, the city is committed to using tax-increment financing dollars to subsidize infrastructure improvements at the site of what would be the Olympic Village. It also reaffirms a $500 million promise to cover any operating deficit.

Olympics bid committee officials have said they doubt the city would be called on to cover the $500 million guarantee.

The International Olympic Committee will pick the host city next October.