and this provides kind of a side by side comparison of where we find the acoc's fund-raising efforts now in march of 2013 versus where we found in february 2012, just over a year ago. so, a year ago in our prior review, we found at that time evident either cash in hand or written evidence of pledges or commitments totaling $12 million or just over $12 million of which $800,000 cash had been received by the acoc at that point. we update -- we fast forward in time 13 months, we find the $12 million has increased to approximately 13.9 million. so, there has been an increase of 1.9 million. and now 12 million of that 13.9 million has been received in cash. i should point out in both the prior report and in the current report the majority of funds received by the acoc thus far has come from the event authority itself in the form of first a concession agreement and now a loan that's now been modified now into a loan. so, the majority of funds received are, in essence, accelerations of future sponsorships or loans against future sponsorships. so, to point that out. to reference back to the

i think we are clear from the acoc they are continuing to go out and seek further pledges to continue to endeavor towards the 32 million. what i'm pointing out here is we want to be very clear with everyone, donors as well as people in the city hall here about what those benefits were to the city and this projection is not meant to make the case that $13 million is bankable, but instead to show how we would calculate what that benefit is going forward. and we intend to do additional visitor counts and surveys to try to give everyone from the controller's office to the board of supervisors to the budget analyst's office of what was delivered. that is a theme we've heard throughout the hearings today is we are delivering on the promises and letting people know what actually happened. i'd like that to be the frame of the impact answer and happy to answer questions. >> i appreciate that. there was maybe some concern expressed through public comment and about the paper as well all we had to do was raise about i think it was $3 million more and we'd be okay. you'd be able to recycle the rev

financial position, what the city's potential liabilities are if the acoc fails to raise this sum, andthe city's options are for recovering any outstanding fund-raising obligations, and will also consider the original determination of financial feasibility for the america's cup, and whether the city is still responsible for staging the event when the event organizers have not fulfilled their financial obligations. item number 5, hearing to review the status of the america's cup event authority's compliance with their commitments in the workforce development and local small business inclusion plan to comply with the san francisco's mandatory local hiring program and use union contractors for all construction and temporary installation work, and with the prevailing wage provisions in the san francisco administrative code. >> thank you very much, mr. clerk. this is a project i certainly have been involved with quite a bit on the america's cup board committee. he's they'rextion have been called by supervisor avalos. so, i will turn the mic over. >> thank you, chair farrell. and thank you,

. ~ benefit projected at the top $22.5 million less the 6.8 million of acoc projected to date. tax revenue we'll talk about further in the next segment of this presentation. so, when you basically take that math equation, there is a remaining shortfall of $2.6 million, that's not to say that's all we need to fund raise. i want to be clear about that. i think we are clear from the acoc they are continuing to go out and seek further pledges to continue to endeavor towards the 32 million. what i'm pointing out here is we want to be very clear with everyone, donors as well as people in the city hall here about what those benefits were to the city and this projection is not meant to make the case that $13 million is bankable, but instead to show how we would calculate what that benefit is going forward. and we intend to do additional visitor counts and surveys to try to give everyone from the controller's office to the board of supervisors to the budget analyst's office of what was delivered. that is a theme we've heard throughout the hearings today is we are delivering on the promi

it's clear that kgyc, the acoc, oracle, san francisco lieutenant governor's office used inflated reportsspeaker not understood] and tried to pull off the largest urban waterfront land deal in the country. i think it's about time that serious consideration be given to postponing the america's cup. larry ellison has already taken warren buffett's giving pledge to give his wealth to charity. i think that it might behoove him and others to invest in this america's cup. and allow teams that represent billion of people on the planet, whether they be blacks, hispanic, youth, women, chinese, the commonwealth, to participate and also to create many more festival-like events around the country. and these, i believe, should be funded by the group of individuals that have promoted this america's cup. i really, really strongly wish that everybody would start to read these documents, particularly the host and venue agreement. and some of the documents that are on the new york state supreme court website because truly you would have lost the better part of your embarcadaro had a person who lived in san