Chicago Reaches Deal to Buy Olympic Village Site

By: AP
By: AP

CHICAGO (AP) -- Organizers for Chicago's bid to host the 2016 Olympics have reached an agreement to buy a former hospital campus they intend to transform into an Olympic Village.

Chicago 2016 officials say they'll acquire the Michael Reese Hospital property on the near South Side from an affiliate of Medline Industries for $86 million.

Under the agreement, Medline will provide a donation of up to $32.5 million that can be used to pay for demolition and site remediation. The deal had hit a snag a few months ago over those costs.

In a release issued Monday, Chicago 2016 Chairman Patrick Ryan says he appreciates Medline's willingness to restructure the deal.

Chicago is competing against Madrid, Tokyo and Rio de Janeiro for the 2016 Summer Games.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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