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Port Commission approves MOU to reimburse Port for America’s Cup-related revenue losses
Summary
The Port Commission approved a memorandum of understanding authorizing the Port Executive Director to accept city reimbursements for estimated rent losses and race-related costs tied to hosting the 34th America’s Cup, with staff estimating about $6.7 million in lost-rent reimbursement over three fiscal years.
The Port Commission on Tuesday approved a resolution authorizing the executive director to execute a memorandum of understanding (MOU) with the City and County of San Francisco to reimburse the Port for revenue losses tied to hosting the 34th America’s Cup.
Deputy Director Elaine Forbes told commissioners the America’s Cup is expected to generate significant regional benefits — she cited an estimate of $1.4 billion in regional economic activity, roughly $19.5 million in additional city tax revenue and an estimated $6.7 million in lost-rent reimbursement to the Port spread over three fiscal years. Forbes said the MOU also contemplates a city contribution of $6.5 million…
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