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Who is on the hook for the DNC debt?

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


Comments

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Its both

Duke already owns the likely governor and they want to make sure they have part ownership of Obama, if reelected. 

You will help won't you Johnny?

What debt?  I'm sure John Frank, RobRieeleWho and The Colonel can cover any $$$ shortfall.  They ARE "professional journalists" don't you know.

But aren't the Democrats saying McCrory is tied to Duke Energy?

So which is it?

Duke Energy's freebee loan to the democrats

As a rate payor to Duke Energy I am furious over the fact that the Duke Energy CEO who co-chaired the Bring the Democrat Party Circus to Charlotte gave the democrats.

It will be interesting to see how a new Republican majority on the state Utilities Commission views this incredibly partisan give away.
Take it out of his salary.

On the other hand, this article may be out of date.   I thought that the democrats recently were given another big loan from the union controlled bank and paid off this disgusting loan.

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