Friday, November 24, 2006

Denver says they have $80 million - update

WE'VE MOVED! Democratic Convention Watch is now at

Well, a couple of days after Chairman Dean says money is Denver's biggest obstacle to hosting the 2008 Democratic Convention, Denver says they have the money:

Key players in the bid to bring the 2008 Democratic National Convention to Denver say they're close to securing more than $80 million required to host the presidential nominating bash. "We're closing in on the necessary funds to bring the convention to Denver," said Steve Farber, an influential Denver attorney and co-chair of the 2008 Denver Host Committee, on Monday. "We're raising the necessary commitments from Colorado businesses, if the convention should commit to Denver. I'm very confident - without being overconfident."
Now, a source familiar with host committee fundraising efforts says it's ready to show Dean the money. Of the $80 million-plus needed to put on the convention, the federal government will provide roughly one-third required for security; major corporations can be counted on for another third; and the business community in Colorado and other Mountain West states hoping to highlight the region are nearly committed to provide the remaining third.
If Denver can show Dean that the money is truly there, that may be the last hurdle for Denver to cross. But Denver had better make sure its story is solid.

Update: More on where the money will be coming from:
While the goal is to raise $80 million, an estimated $25 million will be paid by the Department of Homeland Security to protect visitors, said Denver Councilwoman Elbra Wedgeworth, who is president of the Denver 2008 Host Committee.

Another $25 million is expected to come from multinational corporations, which traditionally support presidential conventions of both parties, said a prominent businessperson who has analyzed data on the funding of political conventions. He cited Citigroup, General Electric and Microsoft as examples.

In addition, nearby states such as New Mexico and Arizona are expected to kick in about $10 million, leaving $20 million to raise locally.