The San Francisco Bay will host the 34th America's Cup in
2013 with preliminary rounds for the Louis Vuitton Cup in summer/autumn of
2012. This will create a huge construction program which in simple terms is a mammoth
undertaking. The first of which would be the transformation of Pier 27 which will
be "America's Cup Village". “It will be a gathering place where race
fans can view the tournament, shop, and eat" according to Eric Young for
the San Francisco Business Times.
The San Francisco economy will be given a possible multi-billion
dollar influx in spending. Over 8,800 new jobs will be created in order for
America’s Cup to be ready by the deadline required. Also "America’s Cup
has set a goal of using San Francisco based small businesses 30% of the time in
contracts of at least $150,000". Great for the City and its residents.
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| The America's Cup - America's Cup race course revealed Seen Above |
Whopping Effect
"The event will cost a whopping $300 million, $32
million of which will be raised by the nonprofit America's Cup Organizing
Committee on behalf of the City. But according to the San Francisco Examiner,
members of the committee have kept quiet as to how they plan to raise such a
sum, and some City officials show little concern. "That's always been an
overarching concern," Supervisor David Campos told the Examiner, noting
that taxpayers would be forced to pay the leftovers should the committee fail
to meet its fundraising goal.
It hasn't exactly been smooth sailing for the America's
Cup executive team either. Last month, the San Francisco Business Times
reported that even CEO Craig Thompson left the organization as a result of
"lackluster financial performance, Richard Worth chairman of the
America's Cup Event Authority, will replace him." Click Here for more on the CEO shake up.
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| Projected Plans for the City 1 |
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| Projected Plans for the City 2 |
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