SAN JOSE (KCBS)- A Silicon Valley business group is spearheading an effort to bring the 2020 World Expo to the Bay Area, an event that could pump more than $5 billion into our economy.

The Bay Area Council is putting together a bid to host the exposition at Moffett Field. The group estimates the fair generate nearly $450 million in tax revenue, draw 25 million visitors and create some 42,000 jobs.

KCBS’ Matt Bigler Reports:

Plans put the cost of transforming Moffett Field and staffing an event that would last six months at $1 billion.

Critics say some of the downsides include increased congestion and higher hotel and air fares. Another significant hurdle is that the United States’ membership in the Bureau of International Expositions, the treaty organization that runs the world’s fair, is about to expire.

San Francisco has hosted the world’s fair twice before. The one in 1915 led to the construction of the Palace of Fine Arts. In addition, Treasure Island was created specifically for the 1939-40 fair.

The bid has to be submitted by 2012 in order for a decision to be made in 2013.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)


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