Will the yachting extravaganza The City hopes to host bee a boon or a bust for San Francisco’s bootom line?
As with situations in the City by the Bay, it turns out that all depends on whom you ask.
On Friday, two dueling reports were released about the potential fiscal impact of an America’s Cup race hosted by San Francisco. One expects the race to generate about $88.1 million for The City, while the other expects the city to lose more than $101.4 million.
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Moving the America’s Cup regatta to a location farther north on the waterfront would save San Francisco tens of millions of dollars, according to city documents that detail the alternative plan.
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Until now, the concept of San Francisco hosting the America’s Cup sailing race has enjoyed widespread support among The City’s supervisors. But after a budget analyst’s report indicated that San Francisco could lose money to the tune of tens of millions of dollars, some supervisors say they’ll be taking a harder look at the project before deciding whether to stay onboard or jump ship.
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A helipad will take up temporary residence in the Bayview, a pedestrian bridge will be built over The Embarcadero and The City will be on the hook for millions of dollars of work if the America’s Cup sailing race is held in San Francisco.
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State Assemblyman Tom Ammiano, D-San Francisco, is authoring a bill to provide financing powers to the Port of San Francisco to develop part of the city's waterfront in its bid to host the next America's Cup, a spokesman said today.
The city is competing to host the international sailing competition in 2013 and has promised to develop several bayfront areas as part of the deal.
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In an effort to win the race to host the next America’s Cup sailing event, San Francisco is offering free land and promising to raise $270 million from private donations and sponsorships to help pay for production of the event.
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Oracle’s annual Open World party is expected to draw 25,000 people to Treasure Island, and it’s expected to draw complaints from each one of the island’s 3,000 residents.
“We’re trying to mitigate potential problems,” said the acting director of the Entertainment Commission, Jocelyn Kane. “Because it’s a huge party on a Wednesday night, it does pose some inconveniences.”
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The Golden State Warriors are in play, San Francisco has a spot for a 20,000-seat arena and there’s a local billionaire who wants an NBA franchise. Could the basketball gods be shining on the sad state of our local sports affairs?
No. It makes total sense, which is why it will probably never happen.
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So what’s worse news, that the Sharks aren’t playing because of the Olympic break, or that the Warriors are?Maybe Larry Ellison can sail his zillion-dollar boat right up to Chris Cohan’s doorstep, metaphorically if not literally, and get this sale under way. If there is to be a sale.
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