SAN FRANCISCO (KCBS) – The San Francisco Board of Supervisors unanimously approved an agreement Tuesday with the America’s Cup Event Authority to host events in 2012 and 2013.

The Lease and Disposition Agreement calls for $20 million in infrastructure improvements to the waterfront by the Port of San Francisco and finalizes the venues and mitigation costs of the event.

“I applaud the Board of Supervisors for their unanimous support of the 34th America’s Cup agreement, which will bring new jobs, international visitor spending and long-overdue waterfront improvements to our City,” said San Francisco Mayor Ed Lee in a statement.

“The America’s Cup races on San Francisco Bay later this year and in 2013 will be spectacular, bringing a global television spotlight to our beautiful Bay and to the many attractions of our wonderful City,” Lee said.

The new agreement is focused on the race itself: where it will be staged and what the city will do to handle traffic, crowds and other activities associated with the America’s Cup.

While it does not include wide scale development as was originally planned at Piers 30 and 32, there will be some limited port improvements to accommodate the race, which will be taken up by the supervisor’s finance committee on Wednesday.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Comments (2)
  1. G Dawg says:

    One question? How are gonna pay for it?

  2. proud_bay_man says:

    I HATE that this 1% gloat event is coming to our city.

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