Fact: If the Democratic National Committee decides to hold its 2016 convention in Philadelphia the cost could range anywhere from $50-$75 million dollars. While the federal government would pick up most of this cost, as much as $10 million could fall on our local government (at least, that’s what New York’s mayor predicts if the convention came to his town).
Fact: When the pope visits Philadelphia in 2015 as part of the World Meeting of Families the estimated cost could be another $13 million, (the city of Milan paid 10 million euros when it hosted the event in 2012).
Fact: $10 million plus $13 million means the city could be on the hook for up to $23 million in additional expenses for these two events. Maybe even more.
Fact: It’s likely that Philadelphia’s business community will step up and raise the money to pay this bill so that taxpayers are not out of pocket. “We’re the fifth largest city in America,” Comcast’s David Cohen recently said in a radio interview. “And I think our civic leadership has the capacity to be able to raise the money to host these two pretty special events in consecutive years in Philadelphia.”
Great! The city needs $23 million, and the business community will likely step up.