Chicago can pay for Olympics

CHICAGO – Chicago touted its financial strength in the 2016 Olympic bid Friday, with organizers saying they have at least a $1 billion safety net if the games exceed the estimated $4.8 billion price tag.

Chicago is competing against Tokyo, Madrid and Rio de Janeiro. The four cities submitted their bid files to the International Olympic Committee this week before making them public on Friday.

“Our aspirations for welcoming the world to Chicago and the United States are represented in nearly 600 pages in this three-volume document,” Chicago 2016 leader Patrick Ryan said at a news conference.

The IOC will choose the 2016 host city on Oct. 2.