It’s been exactly two months since the Democratic National Convention in Charlotte. The delegates are long gone, but there’s still about $10 million in debt and unpaid obligations incurred by the Charlotte in 2012 host committee.
The biggest bill to pay: A loan of $7.9 million against a line of credit guaranteed by Duke Energy. So will Charlotte’s host committee pay off the loan? Or will Duke shareholders be on the hook for it?
The Observer posed those questions last week to Charlotte Mayor Anthony Foxx, who co-chaired the host committee. “As I’ve said before, the fundamental promise of the convention was (to have) a great event, put the city on a great international stage and at no expense to the city property taxpayers,” he began. “Obviously there’s still some shifting of numbers that’s still happening, there’s still some expected income there and we’re going to have to settle on what the target is and figure it out from there. But I feel that the most important thing is that our property taxpayers are protected.”
Does that mean the host committee, if it still exists, will continue to be out there, trying to raise money to pay off the loan? “Again, you have to figure out where the settling point is in terms of the revenues that are kind of coming in and going out,” the mayor said. “That has not happened.”
So, is Foxx himself out raising money to pay it off? “I am working hard for the city of Charlotte – that’s what I’m doing right now,” he said.
The other host committee co-chair was Jim Rogers, CEO of Duke Energy.
--Tim Funk, Observer staff writer