we are going to began the show. this is a video of racing and training year in san francisco bay. we have outtakes from the various world cup series regatta's that have taken place around the world since last

year. most recently, in naples, italy. we have a brand new footage that no 1 has seen. we are very proud to show you this video on the 34th edition on the oldest trophy in sports. ♪ ♪ ki ♪

>> that is a dynamite piece of video. >> this is extreme sailing. this is absolutely what we hoped for. >> absolutely blown away. >> absolutely dumbfounded. >> that is what you like. >> it is great to see so close

to the action. this is so exciting. >> come in july this fabulous sport. >> jimmy is leading away. >> this is the new 72, they will be flying. >> this goes to oracle racing. >> two weeks ago in naples, italy.

this is a terrific event. san francisco conditions. 250,000 people. the america's cup. welcome to the new america's cup. we would like to welcome the mayor, thank you for joining us on this momentous occasion. thank you, we will introduce them formally in a minute. this is a kickoff for the 34th edition of the oldest trophy in international sports. today, we will celebrate. this will be the america's cup

village. this is already being constructed. this is where the general public will be able to participate. of course, this is the first time in the history of the cup that it will not be erased 10 or even 20 miles offshore. it will be right here on this city fraud. this will be a fantastic husband. this is the best venue, even better than auckland. this is the best of a new that any of us have ever seen. and many of you have seen the america's cup before? ok, would you like to see it again? please welcome the oldest trophy in international sports, the america's cup. [applause]

>> please welcome the mayor of the great city and county of san francisco. the hon. ed lee. >> thank you for coming.

we were here with our director and union labor and all of the people that are excited as we are on the eve of getting this done. we were knocking hell hole in the wall of a shed that was underutilized. here we are, most of the shed is gone. we are looking at the future racing village of the america's cup. we are so lucky to be here in san francisco. thank you for participating. [applause] i will continue telling you that i am so lucky, not just to be a mayor, but to be a resident of san francisco at this time the. to see the rebirth of our old port and to welcome in thousands of people. with your help and thanks to david chew and his leadership at

the board level, and all of the different departments working with the event authority, with the organizing committee. thank you for your wonderful leadership here. charlotte, i like that title, "sir." the mayor is 1 thing, that is elevating it a bit. i would like to thank everyone because there are so many elements that were done to put this together. this is working with our local patrons, our commissioners on the port. all the different elements that have come together, they have such fantastic people to step up to get an agreement with the city, with the event authority to make this really happened. you look beyond just behind me,

these are the wings of a c-34. this was literally in just 4 months. the wings in all whole will be put together. this will be on the waterfront racing. this is in august, october, finally the big races come next year with the america's cup races in the final and this is still the only international competition for the years to come. we are so lucky to host it in san francisco. it is my pleasure to thank everyone that has been involved to make sure that you know that this has been such a citywide effort. all of the neighborhoods are beginning to feel, whether they are a landlocked or a waterfront, they are feeling the vibrancy. everyone will be involved. neighborhoods will come out.

they will find there is a new or their way up to the waterfront. if you could not make it to the waterfront, there should be an exciting approach to this. these are all the wonderful day news that we have. there will be television and all of the other aspects that will bring the whole world to view here. it is our like the international a vent. this is 1 that we get to celebrate with our sponsors and the authority. i know in the audience that we have representatives from our team sweden. we also have a representative from the people's republic of china, the culture minister.

[applause] i would like to thank our planning commission president. thank you for your wonderful leadership on this, this really help us to bring it through. individuals, as i said, they have people that have seen the vision for our city and have had really years of leadership. the former supervisor, thank you for being here as well. i would like to give a shout out to -- to represent leader pelosi. thank you for being here. we were given real support to make sure that this starts. our fire chief and his wife, thank you for being here. i am excited. i am excited that all the different departments are

working together with our report commissioned to bring this to fruition. you are seeing everything that is occurring right before your eyes. it will be here before you can blink an eye. you will see the tense and the villages sprang up. you will see the racing teams already starting to practice. you will probably see a few boats capsize, trying to get used to the speed. we are lucky to be in san francisco. we are excited that this race has come to. of course, there will be such a great economic derivation from this. $1 billion of bay area economic impact will still be here. yes, we have had to focus our efforts on this. we wanted to make sure that we got it done right. it is being done right. there is 8000 jobs resulting

from this fantastic international event. we get to showcase ourselves again. we get to host international teams. we get to invite people from around the world. that is what we do in san francisco. thank you everybody for being here to celebrate this momentous occasion. [applause] >> i cannot quite call you sir ed yet. thank you, sir. that was terrific. we are all grateful to be here in your city, our city. many of us are moving here. look at all of these new residents of the city and county of san francisco. >> in the script that adam wrote for me, we called her the captain of the city's team. you have the skipper and in the

back end, the tactician, the strategist, and the navigator. i don't know what would best fit jennifer. she has not only under mayor lee but also mayor gavin brown -- newsom. [laughter] now lieutenant governor under mayer brown bossed governor brown -- now the lieutenant governor under gov. brown. she is the director of the department of economic and workforce development. please welcome her. [applause] >> i don't know what the equivalent is but i think i am more the taskmaster, safe

driver. still ginsberg, the director of the park, thank you. we would not be here today without leadership and guidance of the port commission represented by kimberly brandon. the director of the office and workforce development, my duties include the interest and development, business attraction and retention, small business development, international trade and commerce and workforce development. when you listen to the job description, you understand why this is so important. this is not only a breathtaking spectator event that will mark us internationally, this touches on nearly every aspect of what we do to improve the economic climate of san francisco.

the america's cup will help us nationally and internationally. it creates business opportunities and jobs. the contribution to the economy is obvious. visitor's events, international television exposure, tax revenue, the less obvious but just as direct of impacts of this event will last way beyond the 34th america's cup races and the 5th america's cup races and the 36th and the 37th. [applause] >> racing to be hosted here in san francisco. the less economic -- the less obvious impact comes from development that is happening right here, right now on this waterfront. aside from improvements to the america's cup locations that will be discussed later in this program, there are several transformative projects that when combined with the event's facilities will make this waterfront a more vibrant, and

more enjoyable place for all. the new cruise ship terminal will be america's cup neighbors. from these venues and these venues will benefit from the america's cup spectators. the america's cup is enabling in increased access to peers like this one. there are public access project like the wharf park and the characteriak launch. this will have public access and activation along the waterfront. not all of these projects are as a direct result of the race. however, the timing of these projects along with the huge influm of people who will be coming to san francisco to enjoy the 2012 and 2013 races ensure that the totality of those projects will vastly benefit our economy and our enjoyment of the waterfront. that's what makes hosting the america's cup race so remarkably special for san francisco. it's an event and a legacy. with that, i would like to ask us to gather at the signing

table so the mayor can sign the resolution that approves the city's agreements with the america's cup event authority which makes the defense of the 34th america's cup in san francisco a reality. i would like to ask the mayor, board president david chiu, port director, the america's cap c.e.o. and the chairman and >> i'm impressed. >> all right. here is one. thank you, mayor. >>s