MINNEAPOLIS — The local committee hosting the Republican National Convention says it is disappointed the state didn’t follow through on a promised financial guarantee.
In a letter obtained by The Associated Press, Jeff Larson, chief executive of the Minneapolis Saint Paul 2008 Host Committee, told legislative leaders the state’s failure to offer financial backing in case of a cash-flow shortage “creates a serious risk of breach of our agreement with the RNC.”
The host committee negotiated a package that included a state commitment to back the committee’s fundraising with a letter of credit that would be executed if there’s a cash-flow shortage.
The Legislature didn’t pass a bill seeking a $39 million letter of credit in 2007. And in the 2008 session, a smaller amount of $14 million wasn’t approved either.
The Associated Press
