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Chicago Strikes Olympic Village Deal

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Chicago ‘s quest to host the 20-16 Summer Olympics has been given a boost. The city has struck a deal to purchase the Michael Reese hospital property on the City’s near South Side - that’s where organizers hope to build an Olympic Village.

With just about two months to go until Chicago has to submit its detailed bid book to the International Olympic Committee, the status of the city’s preferred Olympic village site was still in limbo.

That changed yesterday when the city and Medline Industries agreed to an 86 million dollar deal on the former Michael Reese hospital.

Talks had hit a snag over soaring demolition and cleanup costs – and earlier this year, it seemed like negotiations had broken down. But under terms of the agreement announced yesterday, Medline will pay up to 32.5 million dollars to help clean up the site.

Chicago is vying against Tokyo , Madrid and Rio de Janeiro for the 2016 Olympics. If Chicago doesn’t land the games, the city says it will still try to develop the land.

The IOC will pick a host city in October.

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