Supervisors approve America's Cup host-city agreement, favor Northern Waterfront plan

The San Francisco Board of Supervisors voted unanimously Dec. 14, 2010, to approve a host city and venue agreement for the America's Cup, endorsing a revised Northern Waterfront plan and finding the proposed event fiscally feasible under the city's administrative code.

Brad Benson, a Port staff representative, described the Northern Waterfront alternative as a version developed by port and city staff after consultation with the event authority and said the Port Commission authorized further negotiations so long as the city's obligations and liabilities were not increased. Benson outlined changes negotiated into the revised agreement to strengthen the city's position, including provisions for the Authority to invest in historic piers using rent credits (section 6.2) and a requirement for Board of Supervisors approval of any term sheet granting long-term development rights (section 7.3). He said the port negotiated participation rent and an appraisal-based approach to fair market rent.

Supervisor Mercarimi and others praised extensive interagency work in a compressed timeline and described the Northern Waterfront proposal as reducing the city's exposure compared with earlier versions. Several supervisors, including Supervisor Daly and Supervisor Campos, were thanked for asking detailed fiscal questions that shaped the negotiations.

The Board took a roll call vote on Item 53; the Clerk recorded 11 ayes and the resolution was adopted. The Board President and supervisors said additional leases and related approvals will be required in the future for waterfront sites but urged that the host-city agreement represented a fiscally feasible, stronger bid for the event.

Ending: The Board's approval advances San Francisco's formal bid. Key implementation items, including future leases, appraisals, and any long-term development approvals, will return for further action and public review.