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San Francisco offers real estate deal in bid for Cup
Published September 13, 2010
Facing a deadline later this month, organizers of San Francisco’s bid to host the America’s Cup are devising a plan to pay for the estimated $120 million in infrastructure repairs needed along the waterfront. Piers 30-32 and 50, which are central to San Francisco’s hopes for holding the event, are in need of stronger supports because of their age.
Rather than use taxpayer money, San Francisco officials are proposing a real estate deal with the America’s Cup event authority, the entity that will oversee the business side of the next regatta. If the event authority fronts the money to fix the piers, the city would grant it development rights there after the America’s Cup races are over, said Kyri McClellan, a project manager overseeing the bid effort for the city’s Office of Economic and Workforce Development. Under this scenario, the authority could recoup its money in future years, and the Port of San Francisco, which owns the piers, would not have to pay to fix the facilities.
The event authority would still need to obtain approval from city building officials and other governmental agencies for any construction plans.