in this worst case scenario that i put before you, we assume no acoc fundraising whatsoever. if you assume there is no acoc fundraising whatsoever, what you see in the gray column is that this event still nets out a $5 million general fund surplus for the city. however, we obviously have a time, we have a time flow issue as to when the projected tax revenues from the america's cup land, accrue to the city versus when our expenses and our costs are going to be incurred. if you see in 2011, we anticipate that, assuming no acoc, there are $6.3 million in costs that will be incurred by the city in order to support the america's cup. in 2012, that number rises to $11 million. in 2013, all of the costs are offset by taxes that are accrued in that year. so in a world in which there is no acoc contribution, we have liabilities in the first two years of $6.3 million and $11.2 million that do not net out until after the event occurs. however, what we have done is in consultation with mark buehl, the president of the acoc, we have strengthened the language by creating a new section whic

nonetheless very important to us with regard to having a more well-rounded discussion and expectation of the acoc and the agreement we finally solidified. would you like to make any comments about that? if not, it is self-explanatory to us. >> we understand there is additional language you would like added into the host city agreement to address the leed standards, the sailing commitment, and the commitment to adding $32 million. supervisor mirkarimi: we do not need to do this as an amendment. it could be a condition. >> it is simply your construction -- your instruction to us to add that to the city agreement we bring back to you. supervisor mirkarimi: that is correct. chairperson avalos: it specifies low-income use from young people throughout the neighborhoods of san francisco. i think diversity is a key concern we have. supervisor mirkarimi: absolutely. i just want to say on the note -- anybody fearing the idea that this may not become a reality -- i think this hearing was incredibly positive and useful. it helps align a multitude of city stakeholders, and stakeholders who are interested, no

i would be remiss without thanking mark buell, who is heading the acoc, and also lucy, one of my constituents, a jewel to san francisco, who has been active on and all of the past america's cups and actually won it for the united states way back when, so i think it is important for us to recognize the people that are citizens of san francisco have done so much for the america's cup historically and who are going to hopefully be helping us bring it here to san francisco. it is a very exciting time, and actually look forward to what the next months bring. thank you. commissioner campos: i simply want to just acknowledge all the work that has gone into this project. as someone who sat in on the finance and budget committee hearing that happened last week, i'm very proud of the work that has been done, and the fact that a lot of the questions were raised. i think this is a much stronger proposal in terms of protecting san francisco, and i will be proud to support it. commissioner chiu: with that, let me ask city staff if you could make a presentation on where we stand today? starting with mr. vin