More animosity is brewing on the San Francisco waterfront over preparations for next fall’s America’s Cup main event.
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A dramatically scaled-down America’s Cup lease deal with The City will be decided Tuesday by the Board of Supervisors amid more uncertainty over the yacht race’s overall vitality.Since announcing The City as the venue for the international event 16 months ago, race officials have faced a number of hurdles, including a sluggish market for sponsors and a long list of required approvals from city, state and federal agencies — not the least of which has been San Francisco itself.
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New York City could get a taste of America’s Cup yacht action, race organizers say, after a broadcast deal with NBC prompted some possible scheduling changes.Some August racing dates could occur in New York instead of San Francisco, although race officials also tentatively scheduled an additional series of events to coincide with Fleet Week in early October here in The City.
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A second look at the complex development deal that would bring the America’s Cup yacht race to San Francisco yielded a few key changes to the agreement Wednesday.
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America’s Cup officials expect The City to present a new waterfront development agreement today, but negotiators were reportedly far apart as of late Tuesday afternoon.“If we don’t agree, there are serious questions about the cup being held in San Francisco,” said Stephen Barclay, chief operating officer for the regatta.
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The business formula of the America’s Cup seems simple: If you race them, they will come.But as city officials consider a waterfront investment deal finalizing the terms of the yacht regatta, they are left guessing just how many will come.Along with the complex long-term agreement for race officials to fix crumbling piers in exchange for lucrative development rights on public property, the event’s popular appeal also is raising questions.
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Battle lines solidified Wednesday over the vast development deal between The City and event planners trying to bring the America’s Cup yacht race to San Francisco over the next two years.As currently structured, the pact would require race officials to finance repairs to some of San Francisco’s long-crumbling piers in exchange for prime property to build condominiums, plus lucrative 66-year waterfront development and lease rights to publicly owned land.
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