Chicago Bumps L.A. In Olympic Bid

The U.S. Olympic Committee has picked Chicago over Los Angeles as a finalist to host the 2016 Summer Games.

The next step for Chicago officials will be to convince the International Olympic Committee the Windy City can handle hosting duties as well as come up with Olympic-caliber venues.

The committee is expected to award hosting duties in October 2009. L.A., a two-time Olympic host city, has more venues in place but city leaders presented a $114 million upgrade to the Coliseum that was dubbed half-hearted.

Chicago joins a group of bidders expected to include Madrid, Prague, Rome, Rio de Janeiro and Tokyo.