Board endorses America's Cup term sheet after hours of debate over costs, oversight and port impacts

The San Francisco Board of Supervisors voted 9-2 to endorse a nonbinding term sheet laying out the city's proposed offer to host the 34th America's Cup, setting in motion negotiations with the event authority and race organizers.

The vote followed more than two hours of public testimony and extended board debate. Supporters called the event a once-in-a-generation opportunity that would bring infrastructure investment, tourism revenues and jobs. "I pray to God that Ellison says yes, and I cannot be stronger in my feelings on getting those boats out onto the San Francisco Bay," said Supervisor Scott Wiener.

Opponents and some supervisors raised detailed fiscal questions about the term sheets financial assumptions and the citys potential obligations. The proposal asks the America's Cup organizing committee to secure $270 million in corporate sponsorships for marketing and $32 million in philanthropic-type funds to reimburse the city for permitting, CEQA and some city staff time, while the teams committed to invest an estimated $150 million in waterfront infrastructure…