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Charlotte sees $164M in business, but Host Committee still owes $10M

by: Matt

Mon Feb 04, 2013 at 20:11:53 PM EST


Some good and bad money news from last year's Democratic Convention. First the good news:

This week a consultant said the convention injected $91 million in new spending into the local economy, with a total economic impact of nearly $164 million. City and tourism officials called the DNC the city’s largest and most lucrative convention.

But...

Nearly five months since the last confetti fell at the Democratic National Convention – and two years after Charlotte won the event – the host committee still owes $10 million.
...
The host committee fell millions of dollars short of the original goal of $36.6 million called for in a contract with the Democratic National Convention Committee. Organizers said that goal was subsequently lowered through various cost savings.
...
The committee drew down the full $10 million line of credit guaranteed by Duke Energy Corp. Duke’s chief executive, Jim Rogers, co-chaired the committee.

The line of credit comes due at the end of February. Earlier this month Rogers suggested Duke shareholders might have to eat the $10 million loan.

“We’ll see how that goes,” Rogers told the Observer in mid-January. “At the end of the day we’ll do our best to get our money back. But if we don’t, it’s just a contribution we’re making, I think, for the greater good of our community.”


Read more here: http://www.charlotteobserver.com/2013/01/31/3826034/charlotte-dnc-committee-still.html#storylink=cpy

Read more here: http://www.charlotteobserver.com/2013/01/31/3826034/charlotte-dnc-committee-still.html#storylink=c

Read more here: http://www.charlotteobserver.com/2013/01/31/3826034/charlotte-dnc-committ.html#storylin

Read more here: http://www.charlotteobserver.com/2013/01/31/3826034/charlotte-dnc-committee-still.html#storylin
Matt :: Charlotte sees $164M in business, but Host Committee still owes $10M

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