SAN FRANCISCO (KCBS)— The ceremonial agreement to bring the America’s Cup sailing race to San Francisco next year was made official when it was signed by Mayor Ed Lee Friday at Pier 27.

The event also celebrated the beginning of construction at the pier, which will serve as the finish line for the 34th annual race.

With the trophy itself positioned on a podium close by, Mayor Lee spoke of the benefits of hosting the race.

KCBS’ Anna Duckworth Reports:

“Such a great economic derivation from this; $1 billion of Bay Area economic impact and there’s a lot of jobs, 8,000, resulting from this fantastic international event,” Lee said.

CEO of Oracle racing Sir Russell Coutts, the winning-est skipper in the Cup’s history, said he’s seen the legacies waterfront settings can bring to cities around the world. He looks forward to Pier 27’s completion by January.

“This is where the team basis will be and where the fans will get up close to this spectacular wind-sail catamaran that will compete in the summer of 2013,” he said.

Once the race is over, two more developments are planned for the pier, including a cruise ship terminal and 2.5 acres of public space.

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 This material may not be published, broadcast, rewritten, or redistributed.)


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