America's Cup: San Francisco Has It
|We has it!|
Word is trickling out ahead of an afternoon press conference that San Francisco will host the 34th America's Cup in 2013. This comes after the city scaled back an offer to the race's organizers -- saving city taxpapers and city taxpayers' grandchildren hundreds of millions of dollars -- which spurred America's Cup officials to strike up conversations with Newport, R.I.
It would appear that race organizers have come back to the bay.
The latest iteration of the city's offer to undergo heavy financial scrutiny has the city losing between $11.9 million and $13.3 million in the short-term, then either breaking even or making up to $24 million over the next several decades -- depending upon whether you choose to believe the analysis of the Budget Analyst or Controller, respectively. Just about every analysis of the event predicts upwards of $1.2 billion will slosh into the local economy -- though relatively little of that will find its way into city coffers.
Of course, it remains to be seen what effect the so-called "tweaks" to the deal agreed upon by Mayor Gavin Newsom's office will have. If, as Newsom reported before, he's altering the tax increment financing details, that could alter scores of millions of dollars over many decades.
For all of our America's Cup coverage, see here.
Update: It's official. San Francisco can has America's Cup...