Chicago still paying the price for failed 2016 Olympics bid

- Although Chicago lost its bid to host the 2016 Summer Olympics to Rio de Janeiro, it is still paying for the effort.

When Mayor Richard M. Daley launched the bid in 2008, he promised only private funds would be used. There was one exception, the site for the Olympic village, for which the city paid $91 million.

The city hasn't been able to sell it, and will be paying for the property until 2024.

No Games Chicago organizer Tom Tresser told WLS-TV the city's inability to sell the campus should prompt a halt to throwing money into "mega projects that rob the poor."

However, John Murray, who helped lead the Olympics effort, said it has benefited Chicago, pointing to the NFL draft and last month's America's Cup race.

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