(ATR) The Chicago bid for the 2016 Olympics could have a $1.4 billion guarantee in place by the end of the week, a move that could determine the outcome of a close race with Los Angeles for the U.S. nomination.

A model of the proposed Olympic Village Chicago 2016 bid. (ATR)

(ATR) The Chicago bid for the 2016 Olympics could have a $1.4 billion guarantee in place by the end of the week, a move that could determine the outcome of a close race with Los Angeles for the U.S. nomination.

Chicago officials are hoping that a Wednesday meeting of the City Council passes legislation providing for a guarantee that includes up to five layers of protection before city money would be tapped.

Under the plan unveiled last week, the city would have $525 million at stake in a worst-case scenario that would happen if the first four layers of protection should fail.

Adding to the optimism in Chicago is a statement Friday from U.S. Olympic Committee international vice president Bob Ctvrtlik that the guarantee being considered by the council would meet the requirements being sought by the USOC.

“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. We are comfortable with this approach,” says Ctvrtlik in the statement.

Chicago 2016 chairman Patrick Ryan would not comment directly on the impact of Ctvrtlik’s comments.

“We had a great visit with the USOC,” said Ryan. “They have done a great job of preparing any city for the international campai

The Los Angeles Coliseum is one of an array of existing venues that is included in the LA plan for 2016. (AT)

gn,” says Ryan.

On the rapid pace that the guarantee could be in place, Ryan simply says “it shows the city at work mentality” that has been part of Chicago’s pitch for the Games.

Passage of the guarantee in city council on Wednesday would come one week after Ctvrtlik indicated that Chicago needed to put forward a guarantee to cover the big projects ahead if Chicago won the Games, such as a $366 million temporary Olympic Stadium and a $1.1 billion Olympic Village.

“We have provided all guarantees that have been required,” Los Angeles 2016 chairman Barry Sanders tells Around the Rings about its position with the USOC.

“Inasmuch as we have the village and stadium already in place, no guarantees are applicable to them,” he says.

Sanders also says that Los Angeles has received no additional questions to answer from the USOC following the visit of the 2016 Evaluation Commission to the city two weeks ago. The commission visited Chicago last week.

During that visit, Ctvrtlik said that Chicago had until March 31 to deliver the guarantee to the USOC.

The evaluation panel will be writing a report on their visits to the two cities which will be submitted to the USOC Board of Directors. The USOC board will meet April 15 to decide on a U.S. nominee.

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