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Committee presses port and city negotiators on post-Dec.14 changes to America's Cup host/venue deal
Summary
Budget & Finance members reviewed revisions the city made to the America's Cup host/venue agreement after the Board's Dec.14 term sheet. Port staff said changes secured a $55M upfront waterfront-improvement commitment and flexible repayment options; the budget analyst flagged several provisions as having material fiscal impacts and the item was continued for further review.
The subcommittee devoted much of its second half to a close review of modifications the city and port negotiated to the America's Cup host and venue agreement after the Board—s December 14 term sheet. Port staff and the Office of Economic and Workforce Development said changes were necessary to bridge concerns from the event authority and to secure a winning bid.
Brad Benson (Port special projects) and Jonathan Stern (Port planning and development) described the key negotiating outcomes: the event authority agreed to guarantee roughly $55 million in waterfront improvements up front, with those investments converting into long-term rights (a long-term lease on Pier 3032 and the ability to purchase Seawall Lot 330) or being repaid via infrastructure-financing and other mechanisms. Port staff said the…
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