SAN FRANCISCO (KCBS) — The America’s Cup yacht race has moved a step closer to being held in the San Francisco Bay now that the port commission has voted to approve an agreement with race officials.

The so-called host city agreement has been sent to the San Francisco Board of Supervisors for approval, with an estimated $150 million price tag for renovations to the port and piers.

Kyri McClellan with the Mayor’s Office said the price tag would be worth it.

“We needed world class facilities in a world class city for this international event,” she said. “We needed to secure state and federal support for the on-the-water activities as well as the air activity.”

KCBS’ Bob Melrose Reports:

Karen Pierce with the Southern Waterfront Advisory Committee said they are for the races being held in San Francisco, but they do have some concerns.

“Our number one concern is that this is moving too fast and has not incorporated the voices of all of the stakeholders,” Pierce said.

Oracle CEO Larry Ellison, the current holder of the Cup, gets to decide where the next race venue will be and he has said he wants to do that by the end of the year.

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