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What you need to know about 2020 RNC

As the Queen City is just days away from finding out if the city will host the 2020 Republican National Convention, here's what you need to know about the convention.

KJ Hiramoto

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CHARLOTTE, N.C. -- The Queen City is just days away from finding out if the city will host the 2020 Republican National Convention. The Republican National Committee is expected to make a decision this week in Austin, Texas.

On Monday, the Charlotte City Council voted 6-5 to accept contracts to host the Republican National Convention in 2020.

While the Wall Street Journal reports that Charlotte will beat out Las Vegas as the host city, the Charlotte City Council decided Monday to accept the $50 million in federal money that would go towards preparing for the RNC.

When Charlotte formally submitted the bid in April, Charlotte Regional Visitors Authority CEO Tom Murray said in a statement that hosting the RNC will not only generate "substantial economic impact" but also place the Queen City on a national stage.

The Democratic National Convention, held in Charlotte in 2012, generated an economic impact of more than $163 million to the Queen City. To put that number in perspective, the highly-anticipated 2019 NBA All-Star Game is expected to bring an estimated $100 million to the city of Charlotte.

Charlotte City Council released an executive summary of RNC contract. The contract said if the city's costs exceed $50 million, the host committee will be asked to pick up the tab.