Friday, November 19, 2010

Report: America's Cup would cost city $128M - San Jose Mercury News

Report: America's Cup would cost city $128M - San Jose Mercury News: "SAN FRANCISCO—A new report says San Francisco's economy would get a $1.2 billion boost if the city hosted the America's Cup sailing contest, but there would also be significant costs to city coffers.
The San Francisco Chronicle reports that the report by Board of Supervisors Budget Analyst Harvey Rose was released on Thursday. It found the city's direct cost of hosting the event would be $42 million. Rose estimated San Francisco would lose another $86 million from granting race organizers development rights and leases to waterfront property.
San Francisco appears to be the front-runner to host the race in 2013.
Mayor Gavin Newsom's office, which supports the city's bid, says the budget analyst fails to account for the decrepit condition of the waterfront property and private funds that will reduce the city's direct costs.
Information from: San Francisco Chronicle,"

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