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Port staff outline America's Cup DDA, say private investment could cover major waterfront repairs
Summary
Port staff presented an updated Development and Disposition Agreement (DDA) for the 2013 America's Cup, saying the event authority would invest roughly $111.3 million in port improvements (NPV about $88.5 million) reimbursed by a defined waterfall of revenues; staff and the budget analyst flagged risk-containment recommendations.
Port staff on Feb. 14 gave the Port Commission an informational briefing on revisions to the Development and Disposition Agreement (DDA) tied to the 2013 America's Cup, presenting the deal's repayment structure and a financial analysis showing private investment could address significant deferred repairs.
"The new DDA in front of you does govern and limit the way that authority infrastructure work is reimbursed for, but through port sources," Jonathan Stern, co-project manager for the port's America's Cup efforts, told commissioners as he outlined categories of work and the repayment waterfall. Stern described two buckets of work: "authority infrastructure work" (improvements needed to stage and complete the event, primarily at Piers 30–32) and "additional work" (deferred projects such as dredging and Pier 26/28 work).
Tom Houston, chief commercial officer of the event authority, emphasized the event's scale and expected benefits, saying the America's Cup is "the third largest sporting event in the world" in terms of economic…
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