San Francisco continues preparation for America’s Cup
San Francisco, CA, United States (AHN Sports) – With the 34th edition of the America’s Cup slated to be hosted by San Francisco, focus has shifted in enhancing overall spectator experience to spurring development on the City’s waterfront.
According to advocates for the holding the America’s Cup in San Francisco, the prestigious competition is expected to bring in business and development on the southern waterfront.
Despite the reported $1.4 billion the international yachting race in 2013 expected to be infused into the Bay Area economy, critics are worried that the America’s Cup deal would force the Port of San Francisco to resort to spending money it does not have.
The issue of spending on idle projects on the San Francisco waterfront has been raised.
The Port countered such skepticisms by pointing to the City government for help.
The projected financial assistance is doubtful as San Francisco currently faces a budget deficit of nearly $400 million, according to Sfexaminer.com.
Meanwhile, Mayor Edwin Lee announced Wednesday the establishment of America’s Cup Executive Steering Committee via executive directive.
The said Committee, which reports directly to the Mayor, will oversee the City’s role and responsibilities, including all necessary investments and the resources needed in making the racing event a success.
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