Policy Reports
The New Raleigh Convention Center: A taxpayer-funded money pit

September 04, 2008

Although many Raleigh and Wake County taxpayers do not realize it, city and county officials knew from the beginning that the new Raleigh Convention Center would require taxpayers to pay for large operational losses and even pay large subsidies to organizations to use the facility.

Even before the doors open on September 5, the losses and subsidies have begun to mount.

This report shows that the 164 contracts already signed by RCC officials provide users with room discounts totaling almost $2.3 million. Some organizations have received rooms valued at $20,000 and even $40,000 for the price of one dollar. What is worse for taxpayers, the first six taxpayer-funded subsidies, totaling $166,720, have been approved. The largest of these taxpayer subsidies — $96,900 — goes to NC State University to hold a meeting for the NC Community College System, all supported by state and county taxpayers. Thus from day one, city and county taxpayers are on the hook for an endless flow of money into the RCC money pit.

Download PDF file: The New Raleigh Convention Center: A taxpayer-funded money pit (275 k)

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