PHILADELPHIA -- Derided for decades by outsiders and even its own citizens, a revitalized Philadelphia is hoping to shine on the world stage of the Republican National Convention.

Political and business leaders say people who think of the nation's fifth-largest city as dirty, decrepit and dead are in for an eye-opener. The 1990s were good for the city and the growth of downtown arts, culture and nightlife a stark contrast to the dark days of the 1980s, when Philadelphia teetered on the brink of bankruptcy and rolled up its sidewalks at sundown.

Many give much of the credit for winning the national political convention that begins Monday Philadelphia's first since 1948 to Democrat Edward G. Rendell, a tireless cheerleader and fund-raiser for the city during his eight years as mayor.

When he returned from the 1996 Democratic National Convention in Chicago, Rendell, now chairman of the Democratic National Committee, proposed to city and business leaders that Philadelphia should try for a 2000 political convention.

''A lot of them looked at me like I was crazy,'' he recalled. ''When the Republicans picked us, they picked us over New York, they picked us over Chicago people were just astounded. It helped create an image that this was a city that was going places.''

In 1992, when he took office, Philadelphia was $250 million in debt. Its bonds had been downgraded to junk status, and the city coffers were so depleted officials were not certain if workers would be paid.

Rendell slashed the city budget, trimmed taxes, won major cost-cutting concessions from labor unions and privatized many city services. In two years, the budget was balanced, and the city posted a $205.7 million budget surplus in fiscal 1999, Rendell's last year as mayor.

Also playing a big part in the turnaround was a national economic recovery that helped many cities in the 1990s, said Janet Rothenberg Pack, professor at the University of Pennsylvania's Wharton School.

''There's no question that the aura of a number of cities has just changed utterly, and Philadelphia is one of them,'' she said. ''On the other hand, the downtown is great, but it's not clear to me that you'll find the boom you see in Center City all over town.''

The Pennsylvania Convention Center and the First Union Center were part of the downtown building spurt and a big part of the reason the Republicans chose the city.

For the GOP, it will be the First Union Center, a sports and concert facility with state-of-the-art television production equipment and proximity to the city's airport and major highways.

Downtown Philadelphia boosted its supply of hotel rooms from 5,600 just a few years ago to 10,000 in time for the convention.

The city is experiencing a restaurant renaissance, too. Shopping districts are thriving and the downtown rental occupancy rate is up.

There is still much to do, however.

Like many older Northern cities, Philadelphia has suffered as jobs have moved to the Sun Belt.

From its early days, Philadelphia was the financial capital of the United States. It lost that title to New York City.

High taxes, struggling schools, loss of industrial jobs and failure to restructure the economy have all hurt the city, and workers in two counties bordering Philadelphia now top the average wages earned in the city.

Once-dominant industries such as textiles began to decline after World War II. Computer software and financial services companies moved outside the city. Even many law firms, once a mainstay of the city's economy, have moved to gleaming complexes in the open spaces of the suburban counties.

Philadelphia's unemployment rate was 5.8 percent in 1999. While that number is down from 9.4 percent in 1992, jobs grew by just one-half percentage point from 1992 to 1997.

''By no means has the city licked all its problems,'' Rendell said. ''But there was a time that people had lost hope; nobody was investing in the city. It was viewed as just a dead place. We built people's faith and optimism in the city back again.''

''We are going to continue Philadelphia 2000,'' Rendell said. ''We're going to rename it Philadelphia 2004 and we're going to go after the Democrats. Absolutely. We're going after them.''