Get SF Weekly Newsletters

Wednesday, December 8, 2010

America's Cup: Yet Another Study, Ahoy!

Posted By on Wed, Dec 8, 2010 at 12:05 AM

click to enlarge Coming to San Francisco?
  • Coming to San Francisco?

With the Board of Supervisors' Budget and Finance Committee today bracing for the cold wind of hours of contentious testimony on the fiscal feasibility of hosting the America's Cup, here comes just what everyone wanted: Yet another financial study!

The regatta has already lived up to its touted job-generating benefits just among those tasked with preparing feasibility studies. When the supes today ponder the economic possibilities, here's what they'll have in front of them:

  • Tomorrow's brand-spanking-new study prepared by the controller's office;

  • A rosy report penned by the Bay Area Council Economic Institute and Beacon Economics, and;

  • Another report from Bay Area Economics.

That's a lot of material to navigate. You could forgive the supes for leaping overboard.

Update, 12:30 p.m.: The controller's report has arrived. Its money shot:

Under specific development scenarios, the Northern Waterfront Alternative generates a positive fiscal impact on the City, when long-term tax revenues, foregone port income, and post-lease asset value to the Port are considered together. The original Host City Agreement would generate a negative return under these scenarios.

In essence, a plan shifting the action north -- requiring less constructions, fewer evictions, etc. -- should generate some $50.5 million over the next 70-odd years, while the original agreement on the table would lose the city $23.3 million, according to the controller.

The big factors for the so-called Northern Waterfront Alternatives are saving $16 million in dredging costs and actually charging Larry Ellison's "Event Authorities" fair market rent for land along the waterfront rather than simply ceding it.

Read the report here:


Follow us on Twitter at @TheSnitchSF and @SFWeekly


  • Pin It

Tags: , , , ,

About The Author

Joe Eskenazi

Joe Eskenazi

Joe Eskenazi was born in San Francisco, raised in the Bay Area, and attended U.C. Berkeley. He never left. "Your humble narrator" was a staff writer and columnist for SF Weekly from 2007 to 2015. He resides in the Excelsior with his wife, 4.3 miles from his birthplace and 5,474 from hers.


Subscribe to this thread:

Add a comment

Popular Stories

  1. Most Popular Stories
  2. Stories You Missed

Like us on Facebook


  • clipping at Brava Theater Sept. 11
    Sub Pop recording artists 'clipping.' brought their brand of noise-driven experimental hip hop to the closing night of 2016's San Francisco Electronic Music Fest this past Sunday. The packed Brava Theater hosted an initially seated crowd that ended the night jumping and dancing against the front of the stage. The trio performed a set focused on their recently released Sci-Fi Horror concept album, 'Splendor & Misery', then delved into their dancier and more aggressive back catalogue, and recent single 'Wriggle'. Opening performances included local experimental electronic duo 'Tujurikkuja' and computer music artist 'Madalyn Merkey.'"