San Francisco chosen to host America’s Cup
Newport, Rhode Island and Italy were San Francisco’s competitors for the event, which has a projected economic impact third only to the Olympics and the World Cup. San Francisco had been an early favorite after BMW Oracle Racing, owned by billionaire Oracle CEO Larry Ellison won the trophy in February off the coast of Valencia, Spain. The team is sponsored by San Francisco’s Golden Gate Yacht Club. The winning team gets to pick the place that it will defend the Cup.
In contrast to Valencia Spain and Newport (which hosted the Cup from 1930 to 1983), where the race is held miles offshore, San Francisco Bay offers a natural “amphitheater” for viewers. The September 2013 race and qualifying matches and pre-event races held around the world will feature a new class of boats – 72-foot catamarans. San Francisco will host at least 43 days of racing spread over more than a year before the final match in September of 2013. The races are project to generate over 8,000 jobs and to inject $1.2 billion into San Francisco’s economy.
San Francisco almost “blew it,” with changed financial terms.
“Mayor Gavin Newsom‘s administration tweaked its bid but largely stood pat on its offer to give race organizers long-term development rights to up to three piers and another waterfront parcel south of the Bay Bridge in exchange for paying up to $80 million to shore up aging piers to house race facilities.
The deal calls for race organizers to pay $55 million to repair city-owned piers and get development rights and a 66-year lease on Piers 30-32 and title to Seawall Lot 330 across the Embarcadero. The team will also have the option of paying at least $25 million more to shore up nearby piers 26 and 28 in exchange for 66-year leases on them. It will pay rent on the properties but be given credit for infrastructure work done.”
There should be MANY ways to watch the races. I can’t wait!
-Bill at
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