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Chicago Reveals More Olympic Plans

Details of Chicago's bid to host the 2016 Olympic games are trickling out. The city hasn't released a complete budget but it did announce a few cost estimates.

Chicago's bid committee plans to spend $49 million to make its pitch. Officials estimate it will cost another $900 million in public and private money to build sporting venues and $1 billion for an athlete's village.

The head of Chicago's bid committee Patrick Ryan stressed that those estimates are preliminary.

RYAN: These are big numbers. I want to again emphasis that our plan is responsible and realistic. I want to caution that these numbers are in '07 dollars. Over time they'll obviously increase, both the cost will and the revenue.

The budget for London's 2012 Olympic Games is now $19 billion, more than triple the original estimate. The International Olympic Committee is expected to narrow the 2016 competing cities down to a short list of finalists by June.

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