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Supervisors press for tougher caps, clearer fundraising and local‑hire guarantees in America's Cup DDA
Summary
After nearly six hours of testimony, the Budget & Finance Committee agreed to remove a controversial seawall lot from the proposed Port IFD and to continue discussion of the America's Cup Development and Disposition Agreement so staff can negotiate stricter cost controls, clearer fundraising guarantees and stronger local‑hire and arts commitments.
San Francisco
The Budget & Finance Committee on Tuesday delayed final approval of the America's Cup Development and Disposition Agreement (DDA) and related Infrastructure Financing District (IFD) resolution, instructing city staff to return with tighter financial protections after a full day of testimony and analysis.
Committee members praised the potential legacy—rehabilitated waterfront piers, an accelerated cruise‑terminal schedule and new public access—but said rising cost estimates, uncertain fundraising and unclear repayment terms leave the city and the Port exposed.
Why it matters
The DDA would allow the America's Cup Event Authority to fund major pier repairs and a set of port improvements that event planners say are necessary to host advance races in 2012 and the Cup matches in 2013. Port staff and the Event Authority have estimated roughly $111 million in reimbursable improvements for 2012–2017, with a large concentration of cost at Piers 30–32. Under the agreement, the authority would recover actual expenditures through a specified “waterfall” of interim rents, IFD proceeds, future long‑term leases and other rights; any unpaid balance would accrue interest at 11 percent annually.
What supervisors asked for
Several supervisors urged changes the committee wants port and event negotiators to pursue before returning the DDA for a final vote:
- A practical cap or functional…
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