"This was one of the benchmarks:" Milwaukee secures money for 2020 DNC bid

MILWAUKEE (CBS 58) -- Milwaukee took a major step towards bringing in the 2020 Democratic National Convention.

Mayor Tom Barrett says a line of credit for millions of dollars has been secured which would be used as a financial safety net.

He says it was the biggest question mark about Milwaukee's candidacy.

"This is going to be a multi-million dollar endeavor and they have certain benchmarks along the way. This was one of the benchmarks," said Mayor Tom Barrett.

Barrett says securing a line of credit is an insurance policy in case the fundraising and other sources of income for the bid run out. He doesn't expect to use the credit, but it had to be available.

"We think that in 2020 there is going to be a lot of attention paid to the presidential election and we want to be a part of it and we believe we've got a story here to tell," said Mayor Barrett. 

Barrett says the DNC could make its decision within a month. 

The DNC declined to comment to CBS 58 on the news.

"Some other cities are more divided on this. We are not divided here. There's a recognition that this would be really good for Milwaukee to be on the national map and we think it would be very exciting for our city," said Mayor Barrett. 

The convention would be held at Fiserv Forum and Milwaukee Bucks executives have estimated the event could bring in hundreds of millions of dollars to the state.

"What we're really excited about is the fact that this is bipartisan and this is about Wisconsin as a whole and putting the state on the map in a way that it hasn't been," said Alex Lasry, Milwaukee Bucks Senior Vice President. 

Milwaukee is competing against Houston and Miami Beach.

Barett said since the Convention is during July, weather won't be a disadvantage.