Marina Development Rights Shift South to Pier 54 in Mission Bay as Unprecedented Investment is Outlined
12/16/11— Today Mayor Edwin M. Lee joined with executives from the America’s Cup Event Authority to announce details of the Project Agreement for the 34th America’s Cup to be held in San Francisco in 2013.
“This agreement represents an unprecedented investment into our waterfront, generating thousands of jobs and allowing for a major international sporting event to be held in our Bay’s natural amphitheater,” said Mayor Lee. “The agreement also accelerates key infrastructure improvements such as the James R. Herman Cruise Terminal and protects open water views from Rincon Park for the public.”
“We thank Mayor Lee for his great vision of how the America’s Cup can leave a lasting legacy for the City and residents of San Francisco,” said America’s Cup Event Authority Board Member Stephen Barclay. “We are very proud to not only bring the oldest trophy in international sport back to the United States after a decade’s absence, but also bring it specifically to San Francisco, one of the finest cities in the world.”
The agreement outlines as much as $100 million to be invested into Port property and includes significant upgrades to both facilities and infrastructure including Pier 54 in Mission Bay and the James R. Herman Cruise Terminal. The planned development allowed for under the agreement also realizes the goals of the waterfront land use plan by providing greater short and long-term public access to the waterfront.
The agreement sets forth the obligations of the America’s Cup Event Authority to improve Port property for the event, governs Port review and approval of Scope of Work for improvement to Port property performed by the Event Authority, governs the conditions for delivery of the Venue Leases to the Authority and sets forth the means to reimburse the Authority for its improvements on Port property. The San Francisco Port Commission is expected to vote on the agreement later today.
“The Port and City have taken a monumental step forward today in fulfilling their commitments under the America’s Cup Host and Venue Agreement and did so under intense time constraints,” said America’s Cup Organizing Committee Chairman Mark Buell. “On behalf of the Organizing Committee, I commend the City’s America’s Cup project team as well as the Event Authority in coming together to finalize the deal that will bring the world’s attention and significant economic benefits to San Francisco.”
About the America’s Cup
One hundred and sixty years old, the America’s Cup is the oldest trophy in international sport. The America’s Cup has evolved into one of the world’s leading sporting competitions – featuring the best sailors on the world’s fastest boats, the wing-sailed AC45 and AC72 catamarans. The inaugural America’s Cup World Series season runs August 2011 – July 2012. In the summer of 2013, the 34th America’s Cup begins with the Louis Vuitton Cup July 4-September 1, followed by the America’s Cup finals September 7-22. For more information, go to: www.americascup.com.
Last updated: 3/7/2012 5:33:18 PM