so as you know, supervisor maxwell, one of the reasons it came back to the jurisdiction in 1969 was the inability to do anything in the way of investment. we have a worked sort of north to south. and the america's cup could help us get it faster than we could do it on our own. it is a very exciting opportunity. supervisor maxwell: i am glad you said that, because i know that supervisor daly mentioned that pier 70 could be a problem, and we have great

assets there. >> pier 70 is not fully funded as we see it today. it will help with that gap, so we are moving it forward as fast as we can. 25 of the 69 acres. the possibilities are better than they ever, ever have been at. supervisor maxwell: thank you. supervisor chiu has some questions. supervisor chiu: are we getting back what we are doing for this?

>> as we mentioned, we are a hub for maritime activities. it is not containers, everything else, and this would complement the activities that we already have, commercial fishing, etc., and to me, in the time that i have worked there, there is a negative value, in my view. we carry it in our capital plan, requiring ferrum of the money just to fix it up to the current standard, so we have long noted that for a development project to move forward, it was going to need the assistance of the property across the street, and we started that before my time

with the development, but, ultimately, the economics in the best of real-estate markets did not work for them, and they determined not to go forward. happily, we did have money on the condominium development, which had been set aside and will be part of the funding for this, so the nexus stayed in place, and pier 50 is one of our higher revenue ones. we have the maintenance facility to accommodate the building. pier 46 is no longer, and we will have to move out. we also have some tenants we very much want to hold onto, and we are looking to relocate them. it has all been a fabulous the cooperative, because this would

be the first real investment except for another terminal for the cruise ship, which we are still working on in a maritime project, and that is basic news. i hope that answers the question. supervisor maxwell: thank you. supervisor mar? supervisor mar: i just wanted to ask about this and the brandon street wharf. i got some input from a number of environmental and clean water advocates, and one points to the term sheet, 6.1 b, and begins to rise to use the facilities for the events, and then it says exclusive rights until six months after the america's cup match as reasonably necessary, and there is a question about when will the public -- i think

a growing reused areas, and it is one of the areas that i want to understand. >> i am going to defer to her for that, because she has more conversations that i have. i do just want to say for the record that about the city winning the bid, the brandon street project is moving forward. it is a $22 million project, about $8 million of which is for the demolition of pier 36, which has been abandoned for a while. so that is moving forward regardless, and it does make for a nice amenity. supervisor mar: thank you. >> we tried to identify those assets, which would be added to our bid, and the braden street wharf, the new asset will be tremendous.

we do not know. it is good to hear about the public being engaged there. public access happens at all of these, and i believe strongly -- should this go forward, it is extremely helpful understanding this from the constituents to make sure that we're building into the agreement adequately addressing that, so we make note of that, but we went to make sure that you understand the we are not exactly at that point, what can and would be there or how it would be used, other than if it were for public use. supervisor mar: i just wanted to follow up on the jobs. i want to know how many would be local and would be for the san francisco residents, especially south of market, and the other

communities, and then the other question raised by some environmentalists is also a concern about the raising of funds that will cover the event, how much staff time of city staff for the rec and park department will be put into this, a robot -- will there also be funds to offset this for the planning and implementation, as well. >> in terms of the port or the rec and park director, -- they would it have the obligations. supervisor mirkarimi: just to get back to a basic premise, aside from the brandon street,

pecan what is the port plan for this area? >> there are a lot of great ideas. this is extremely expensive to replace it it would not be as economic as purchasing land across the street. there is not a concept of those, including on the seawall lot. we are marion that asset with 332, where we would never be able to make -- we are marion and those assets, where we would never be able to make that work -- we are marion -- marrying those assets.

pier 50 is in a growing community. it is a sizable pier. while it would be great, it would be more difficult. if we can work with the access for pier 50, which does not have public access, that would be great. supervisor mirkarimi: with a

value, the downturn, how has it been effected? >> as i said earlier, it is pretty much in negative valley. they had to put twice in in order to get to that. we do not have an appraisal on seawall lot 330, but we would need to do that moving forward. pier 50, it is harder to know what the value of that is. our capital plan calls for approximately about $60 million in needed investment just to

continue its current use. that would be shoring up the @. supervisor mirkarimi: what about rehabilitating the piers so that they would not compromise the question or add a eventually that it is not ours anymore. " >> that is a great question.

there is another name in the state constitution for the redevelopment area can is owned by an entity. there is a share of the tax increment dollars. receiving the ability to do this four or five years ago, with the intention of treating investments in the portfolio as a vehicle for investment, so the plan already incorporate the idea. they are already prepared to do that. the infrastructure financing district will do just that. like a redevelopment area, wrote it when of a life of up to 240 years. -- unlike in redevelopment area,

it would have a life of up to 240 years. supervisor mirkarimi: thank you. supervisor maxwell: rec and park. >> good afternoon, supervisors. i am with the recreation department. the 84 inviting me today. we're also your to lend support to the city's america's cup bid. i know the details need to be worked through. we're looking at the opportunity to bring one of the sporting events to our upwards. this is home to the golden gate yacht club.

while the bulk of the activities would be placed on or around the port property, we think there would be significant residual benefits. others have spoken about the economic impact of an event like this. as you know, this is very important for departments, like ours. we're also talking to activating our own marino. there is the west harbor marina which as been long planned and long overdue. an event like this can only draw attention, and we are happy to

help out and support the city in any way that we can.

there is a wake of positive impact. i do not think that this is something that should be lost to any of us.

supervisor maxwell: supervisor mar? supervisor mar: i am interested in sailing or yachting, and i do not even know what the terms are. it's seems like an exclusive sport. could you talk about the programs that allow different demographic fit?

>> i know that we're trying to move into the water front. a. this is to bring kids from all of the areas. supervisor mar: it would be good for me to get numbers of public- school students to participate now versus if this project goes forward and how we can extender -- can extend that. supervisor mirkarimi: i know this is not something we have been exposed to en masse, but when the cup came to the area that i spent most of my youth in, they were in the minority. it was the working class. it was the blue-collar, all of

us, the family that i came from. we grew up with this as if it were just a normal part of our sort of demographic dna, and we learned to adapt, always in joining in a really relying on the america's cup economy all year round for the three years that it cycled always butoí newport, rhode island, so it is a reduction in a requirement that we demystify what this would mean to an urban center like san francisco, and since we have probably some of the most finest sailing in the world here, yes, there are huge swaths of repopulation, in particular the population of the spanish community, that do not that. and if there could ever be a better reason to facilitate education outreach so the we

introduced to communities what that means, 5$ this. supervisor maxwell: thank you. >> thank you very much. >> i want to try to get to public comment as quickly as possible, so let me move through the rest of our presentation. i have talked before about the broad support note that we enjoy a number of agencies on the sly. this is going to permissibly asking them about the san francisco bay. we will be going out to many of these organizations again. we already do a number of international event. now, i want to move quickly to the corporate support and community support that is pivotal to our success, and

sections 12 and 13 of the term should contemplate the america's cup organizing committee, and we have with us today a commissioner to speak with us specifically about the independent nonprofit. what i have here is a list of numbers, in this was announced last week. the mothers and fathers will be a san francisco that have come around being on this working committee to of this city security interests around

have another person to speak. >> i am one of those people who gets up before a club in the morning and watches his computer to watch the america's cup off of the coast of spain, where there is no reference point, there is simply lines, and you wonder why you do that at that time of the morning, but i find it being one of the most unique races in the morning. we cannot afford to let this opportunity pass us, and so to use a nautical term, it is all hands on deck, and that is how this whole thing has been

approached. i think we have to recognize that we have a choice than to move rapidly, to demonstrate to the war " -- the oracle and bmw team that we have the resources to pull this off. we have already held meetings with the governor's office and

federal offices. in congresswoman pelosi pelosi's o. you have heard this number bandied about. not a small task. can we absolutely guarantee that? nope. but can we put the best committee towards it? we can, and we have, and i am going to ask her to talk about what she has done in every one of the meetings so far, but i think the important nexus here is that the team has to demonstrate to us and to the corporate sponsor the kind of opportunities those sponsors have. how many people will see their logo, what is their incoming demographic range, and what does that mean? making a commitment of x millions of dollars to go forward. that is going to be coming down the line as those equations are

put together. it is not going to be the philanthropic company giving larry ellison the money. he has already got the money. it is the corporate community recognizing this and giving it to the team the venue that is put together to run all of these, so with that, i want to ask her to come forward to a minute and talk about how many people have visited and what kind of responses we are getting. >> specifically, we have taken meetings with visa, united airlines, bankamerica, jpmorgan deshaies, cisco, blackrock, the others, and had conversations with several members of our bay area fortune 500 companies. our futures targets include chevron, and g e, and the list goes on for about two others, notand what this means into our

waterfront, but at the end of the day, this is a business decision for them. it ismi and all they can do is provide introductions for the bmw oracle racing team and try to create a partnership, find those companies that are looking to make investments on global branding or the customer-client experience. so far, we have had very favorable reception. the team and even a three recognized this process, -- the team and the event authority have recognized this process. the america's cup organizing committee in partnership with the of the authority ultimately will provide for those partnerships.

i also would be happy to talk about the bond. ok, great. the other piece, section 12, talks of the obligation. section 13 talks about the bond. we are still working on the right term. the concept is the america's cup organizing committee will probably raise, and the number here is $32 million, and that and they will reimburse the city and pay for that permit which otherwise would not have been, so that is the most tangible i can give you.

corporate fund-raising as well as ensuring -- that is the other charge of this, and to your point, that was one of the processes around ceqa. supervisor mar: it goes into raising fees and also staff time and place in time, like from your staff for --o or rec and park. >> that is raised through corporate sponsors, so visa, for example, the worldwide brand, their logos, and the event authority has the right,z additionally $32 million raised privately by the america's cup organizing committee to cover permits and costs.

it would delineate exactly what planning staff would do and in what amount of implements -- increments would be covered within >> i would simply finish by saying that the executive committee, the organizing committee, that represents 15 good citizens who are devoting their time and efforts. supervisor maxwell: i have -- supervisor mirkarimi: i have a question for mr. mcclellan.