Council OKs Pact for Democratic Convention
Less than a week after the Democratic National Committee officially selected Los Angeles to host the 2000 presidential convention, the Los Angeles City Council unanimously approved the financial contract.
Because the convention essentially will be financed privately, City Council members said they were pleased that taxpayers will be spared the huge costs associated with such a large-scale convention.
In all, the city’s share will be about $7.2 million, mostly in services it would provide anyway, such as transportation and security, said Ron Deaton, the city’s chief legislative analyst.
Council members praised the financing agreement, in which convention Co-Chairmen Eli Broad, Bill Wardlaw, David Geffen and Ron Burkle will raise $18.3 million along with a large amount of in-kind donations, including $11 million from the Staples Center.
“The private investment in this is as it should be,” said Councilman Joel Wachs. “Los Angeles is the right place for this.”
The funding plan is based on the one used for the 1984 Summer Olympics, in which private citizens raised the money and paid for much of the services typically provided by local government.
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