brad benson, working on the team representing the america's cup project. since we last spoke to you, a lot has happened. you have seen this play out in the paper with the america's cup project. we regret we did not have an opportunity to get a written report to you today, but we wanted to provide a verbal report to the commission about where things stand with america's cup planning, and where we expect things to go over the next several weeks. as you know, on february 27, the america's cup authority and mayor lee announced the event will continue as planned in 2012-2013, but with the proposed move of the team industrial bases to tpier 80. as you will recall, the world series events planned in 2012, we're looking to pier 80 as the site to host team bases. the development portion of the deal that we have been working on over the past year will not proceed, and as a result, we expect more discreet investment in the waterfronts, and we are not looking to development agreements to repay that investment. instead, the port would undertake the required improvement

. >> brad benson, special projects manager for the port of san francisco, representing the port director. committee members, i really want to thank the committee for considering this item today. i want to thank the board generally for being willing to hold a committee meeting as a whole. particularly want to thank the budget office was been working hard to prepare a report for the committee as a whole. the reason for this item is that yesterday, the board of supervisors approved a least his position agreement for the 34th america's cup. under that revised proposal, the city would provide the new leases to the america's cup event authority for periods ranging from about a month from now to six months after the match, which is scheduled for september of 2013 on a rent-free basis. and the port would conduct a series of improvements to port property using port harbor funds to prepare the various sites for the events and fulfil certain regulatory requirements, which i will go over in a moment. the delivery dates -- either under the lease disposition agreement or the permits for the america's

. >> brad benson, special projects manager with the port of san francisco, representing the port directorm pulling up the slide show -- the port through the america's cup planning process and the cruise terminal planning process has identified that it needs to disconnect shoreside power at pier 27. this pier 27 shoreside power project was a marquee project for the report. funded by combinations of sources that i will describe in the presentation. we got a lot of scrutiny from the bay area air quality management district, who partially funded this court -- this project. epa and several nonprofit organizations that advocate for clean air about this proposal to disconnect shoreside power at pier 27 during the construction of the cruise terminal and the america's cup event. and through the ceqa process identified another short power project at pier 70 that could offset increased emissions that would result from disconnection of the pier 27 facility. this item does to how the court would implement the year 70 shoreside power -- how the court would implement the piers 7 shoreside power project

. >> brad benson, representing the port and port staff. i want to extend the thanks of the port to mr. martin. he has done an amazing job leading this project effort. i want to thank the event of 40 and raise management, as well. before i get into my presentation, i want to talk about the major change here, which is switching from a development model to a capital project delivery model. we did put a lot of time in putting this together, and i think the port staff has found that that had a set of development opportunities that would create great improvements in the south beach area of a waterfront consistent with the waterfront plan. that said, we do understand that it was a very expensive investment. there was a great risk involved in that, and the development discussion had started to overshadow what should have been the proper focus, which was the event. and i want to say that i think it is a testament to the strong planning effort that happened over the past year that with the event authority and race management and city staff, we were