cup organizing committee to bring the 34th america's cup to the san francisco bay and encouraging bmw, oracle racing, and the golden gate yacht club to select san francisco as the official host city. >> thank you. we had a good meeting. this was a very robust. we had a lot of people there. i would like to thank my colleagues for coming to the meeting with us. the supervisor -- supervisor daily as some very good questions that we had answers for. -- supervisor daly asked some very good questions. it is helpful and good to have a lot of minds looking at this. i would like to thank both of them for coming and think of the people who came and the work that our cities have has done on this has been remarkable and i think that we are going to come up with a good solid bid. we are not a country, we don't have a king, we don't have a dictator, but we are the people of san francisco and we can do a lot. >> thank-you, supervisor. colleagues. if you're not to book at the land committee hearing. i was there for the first bit of it. i was able to watch the remainder late last night and into this morning,

. -- the bmw oracle racing is benefiting the golden glint got a club -- the golden gate yacht club. he knows there is no better place to transform the sport in transforming the and the san francisco bay, the occasion of spectators lining the entire arena to the golden gate bridge. the media opportunity and sponsorships in his technology and all that he brought to winning the 33rd, so, certainly, we do not believe that either of the locations, either spain or italy, offer that same venue. typically, you have to go miles offshore, and you can only watch it if you are out there. you could stand here on the field and see it right in front ofliz+ you as well as watching t from 1 million miles away. supervisor maxwell: so we are looking at a matter of months, not just a day or time, and that is one reason we are looking at $1.40 billion, because it is over a certain amount of time? >> that is correct. supervisor maxwell: it is june through september. >> in 2011 and 2012, they will have a world circuit of racing but we can hope next year, and it is contemplated one of these world champions

i am sure that when we talk to the bmw/oracle team, and they say that once the term sheet is done they have this thing taken care of. i think we have to acknowledge there are both of those realities happening at the same time. as the representative of the area where a majority of the activity around the america's cup, including peer at 30 and 32, which will be the locus of the activity -- piers 30 and 32, and of pure 50, where the entries into the -- and of pier 50 where the entries into the cup will have their staging -- as representatives of 75,000 san franciscans most impacted in terms of what is going to happen in terms of traffic and congestion issues and real things that happen in the real estate market, when thousands of people move here for many years, when 2 million visitors come to san francisco. will there be an economic upside for the regional economy? will it be $1.40 billion? will this be good for san francisco? i am not so sure. when i asked questions about whether or not this will be good for the san francisco general fund, i think it is becoming increasingly clear that

bmw oracle, and britain's team origin... recreating the very first america's cup race >>jong: back in 1851... the yacht america went around the isle of wight in 10 hours, defeating a fleet of british boats. they were bigger boats that these ones. in the ensuing 159 years the cup's been up for grabs 37 times. australia has won it once. new zealand has won it twice. switzerland has won it twice. the rest of the time, it's remained in american hands. >>reporter: and at cowes... while the year may have changed... the result was the same... chalk up another one for the americans... in an event some saw as a renaissance for the america's cup itself... >>mills: today we've been racing to i guess send a message out to the world that the americas cup is back on track. y,reporter: following a tedious and distasteful 30 month court battle, bmw oracle took sports oldest trophy off swiss holders alinghi... in 2 barely publicized races... fought in mismatched 90ft multihulls... >>coutts: nobody enjoyed you know what happened with the cup last time where it was trapped in the courts and we were back

it ismi and all they can do is provide introductions for the bmw oracle racing team and try to create 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

what our capabilities are, and one of the overriding concerns, at least in this state, with the bmw oracle racing team would be to insure this on the waterside, and so today, i have said meetings with first the harbor safety committee, which is the state committee, and there is the chair, and they represent an number of maritime entities it, both private and commercial. including the ferries and others. there is the san francisco bar pilots and coast guard san francisco. the bottom line from this meeting was that this is certainly doable. what is most important is that we're out there talking with each other very early. the second meeting that we had is that though this was complicated with many moving parts, this was something that we could accomplish, and then, finally, today, there was a very long conversation with a supervisor out of sacramento, because another portion of we are supposed to demonstrate the ability to control is air- traffic, and once again, as was said, this is all very durable. i think what is important that we take away from this is that as we essentially do this on

if you do not know the history of the last america's cup or how bmw/oracle wrestled -- that is something you say when you take the cup from one yacht club to another yacht club. they wrestled the cup from berkshire rally -- from berterelli's. he is roman but he lives in switzerland and sales of valencia, spain. he is an interesting european guy. he wrestled the cup from australia. there were some legal issues around that, i think. then, alison, who was the challenger, and berterelli -- they are all millionaires. ellison may be the sixth wealthiest man and berterelli may have been the 28th will be this man in the world. they got engaged in a protracted legal battle over the terms of the passing of this cut in valencia. i guess supervisor ross knows about this stuff better than most, being from rhode island, but i am on a learning curve and trying to educate myself as much as possible. apparently, the challenger -- while the defenders sets the rules, there is a process by which the challenger, the first or first person who makes the challenge after the america's cup is one -- the challenge

larry ellison and his bmw oracle racing team won this year's america's cup held in valencia, spain.they get to choose the venue for the next competition. >>> well, hold the phone. a major phone company gets ready to dish out millions in refunds. >>> and the supreme court starts a new session. we'll tell you about the california video game case in its crosshairs. >>> fall coming in with a vengeance across the bay area. temperatures about 15 degrees below average today. low to mid-60s for much of the bay area. e tracking cool temperatures. we're also tracking a winter weather advisory across the sierra. full details on this in yreom c. [ male announcer ] get to subway® tonight, cuz any regular footlong™ sub is a $5 footlong™ sub after 5pm when you buy 2 or more. even your flavor-ites like the chicken & bacon ranch. hurry in, offer ends soon! subway. eat fresh. are only one hundred thirty miles apart. they may as well be on different planets. sacramento, mismanaged, ineffective. silicon valley gave us apple, intel, ebay. here meg whitman started with 30 people. led them. managed them.