Officials claimed that they at least a $1 billion (£696 million) safety net if the Games exceed the estimated $4.8 billion (£3.3 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 (IOC) this week before making them public.

 

Patrick Ryan (pictured), the chairman and chief executive of Chicago's bid, said: "Our aspirations for welcoming the world to Chicago and the United States are represented in nearly 600 pages in this three-volume document."

 

Chicago's bid, supported by President Barack Obama, proposes centering the Games along the city's scenic lakefront.

 

Chicago 2016’s plan claims that it places the athlete at the center of the Games - and the Games in the heart of the city.

 

The lakeside Olympic Village will put 90 per cent of the athletes within 15 minutes or less of their competition venues and training sites.

 

By integrating the venues into Chicago’s historic parklands and along the lakefront, Chicago 2016 has put the sport competitions in the midst of the accommodations, celebration sites, museums, dining, theatre and shopping that make Chicago so vibrant, officials said.

 

Chicago 2016’s Games plan accelerates the revitalisation of the near South Side.

 

Stephanie Streeter, a member of the Boards of both the United States Olympic Committee and Chicago 2016, said: “One of the most important attributes of our bid is the strong partnership that unites Chicago 2016, the City of Chicago and the United States Olympic Committee.

 

"All three partners have locked arms and worked closely together to develop a plan that effectively represents America’s aspirations to welcome the world.”

 

Environmental sustainability and economic responsibility are hallmarks of Chicago’s plan for the Games, officials said.

 

In recognition of the historic and significant role of the lake and lakefront parklands in Chicago, officials have created an environmental programme under the banner of the "Blue-Green Games", elevating the role of water in its drive for sustainability.

 

As part of this programme, all vehicles provided for Games operations will run on low-carbon fuels or electricity, and 100 percent of the electricity needed for the Games will come from renewable sources. 

 

Chicago's Mayor Richard Daley said: "Our proposal envisions a 2016 Olympic and Paralympic Games that represents the best elements of both Chicago and the Olympic Movement, a plan that involves the entire city, focuses on athletes and strengthens the Olympic Movement by building passion for sport, culture education and the environment for future generations."

 

Chicago organisers said their safety net for the games includes a $450 million (£313 million)  "rainy day fund," as much as $375 million (£261 million) in IOC cancellation insurance, another $500 million (£345 million) in insurance coverage - and a "last-resort" $500 million (£345 million) guarantee of taxpayer money from the city of Chicago.

 

Chicago's Olympic organisers, meanwhile, expect to make a $500 million (£345 million) operating profit on the Games that would run from July 22 to August 7.

 

Ryan said: “We submitted a financially responsible budget that relies on private funds with a substantial level of financial contingencies to protect against revenue shortfalls or cost increases."

 

The Paralympics would run from August 17 to August 28.

 

The current economic crisis has cast its shadow over the city's bid.

 

Ryan said the bid committee was forced to adjust its surplus estimate from $725 million (£504 million) to $500 million (£345 million) because of a possible lower sale price of the Olympic Village to a real estate developer for mixed-use housing.

 

Organisers are looking to bring in $705 million (£491 million) in revenue from the sale of 7.6 million tickets.

 

They are also counting on $240 million (£167 million) in private donations that include non-Olympics related naming rights for permanent structures or other building projects.

 

You can download the complete Chicago 2016 Bid Book or read and download the highlights at http://www.chicago2016.org/bidbook.