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Monday, August 17, 2015
Friday, August 24, 2012
The Democratic National Convention will be Charlotte’s most prestigious event, bringing tens of thousands of visitors and worldwide exposure. It’s the crowning achievement of the city’s two-decade quest to become a world-class convention destination.
What’s less known are the tens of millions of dollars in taxpayer money spent to compete in the convention business and the wildly inflated projections of economic impact used to justify the Convention Center’s construction and expansions.
In fact, the city of Charlotte and the Charlotte Regional Visitors Authority have not scrutinized how the Convention Center has performed. Elected officials who oversee it do not understand it.
Yet they have continued to pour money into the convention business, even in the face of a national glut of meeting space and Charlotte’s inability to fill its building.
The Charlotte Convention Center has cost taxpayers as much as $30 million annually for construction debt, operating losses and incentives worth of hundreds of thousands of dollars to win business. The promised payback from the investment hasn’t materialized.
Meanwhile, Charlotte residents pick up much of the tab: Most Convention Center funding comes from a countywide 1 percent tax on restaurant and bar bills – a majority of which is paid by Mecklenburg County residents who dine out.
Read more here: http://www.mcclatchydc.com/2012/08/20/162854/selling-charlotte-dnc-convention.html?utm_source=twitterfeed&utm_medium=twitter&utm_term=news#storylink=cpy
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