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By Mark Preston, CNN

updated 2:56 PM EST, Mon November 24, 2014

STORY HIGHLIGHTS

Washington (CNN) -- The Democratic National Committee announced Monday that Columbus, Ohio, Philadelphia and New York are the finalists to host the 2016 presidential nominating convention.

Phoenix, Arizona and Birmingham, Alabama did not make the latest cut.

DNC Chairwoman Debbie Wasserman Schultz informed Democrats of the decision to winnow the list to these three cities in an email. In a press release, the committee said that several weeks are under consideration to hold the convention: July 18, July 25 and August 22.

"We're thrilled to move to the next step of the selection process to determine where Democrats will come together to nominate the 45th President of the United States," said Wasserman Schultz said in a statement.

The DNC also noted that it would name the host city in the new year.

In April, the DNC asked 15 cities to submit bids to host the convention, which is estimated to cost around $60 million. But the payout could be triple the investment or more.

The Republican National Committee, in July, chose Cleveland, Ohio, to host its 2016 convention, which is likely to take place in late June or July.

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Democrats eye 3 cities for convention