SAN FRANCISCO (KCBS) — The bid for San Francisco to host the America’s Cup is being challenged by two new fiscal impact reports that offer differing views on the economic benefits of the event.
Next Wednesday, the San Francisco Board of Supervisor’s Finance Committee will hash over the two reports and decide whether the city’s proposed bid makes sense.
Everyone seems to agree that the city’s overall economy would get a boost well over a billion dollars, but the city’s out of pocket costs are still very much in dispute.
KCBS’ Barbara Taylor Reports:
Mayor Gavin Newsom’s spokesman Tony Winnicker touted a new report from the mayor’s office that says the city would net between $50-88 million in revenue.
“It’s significant in that it shows not just the tax revenues that the city will get, but also the values of the improvements,” Winnicker said.
Those improvements he refers to would be to “dilapidating piers, facilities around the port and the offsets from any direct expenditures the city may have to make that come with hosting the America’s Cup.”
However, another new study, the second one by the supervisors’ budget analyst Harvey Rose, said the city would lose about $100 million in tax revenue and development rights.
That study also considers two possible sites for the race. One would be on the waterfront, south of the Giants ballpark, and the other on the north waterfront by the cruise terminal.
Both the mayor’s office and the Port of San Francisco prefer the northern location stating it’s the cheaper option.
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