mr. barkley enough for working with us. >> within mission bay, where about? kelly's mission rock is a bit south from there. pretty much across from the old navy building in mission bay. >> is this the marina off of at&t part? >> no, the city area and they can -- contemplated a new arena. we are talking about moving back. >> [inaudible] >> so what would go there? >> it will remain a passive water base for everyone in joining the event. >> one other question about fund raising. [inaudible] i do not know if these millions of dollars had been raised, pledged. could somebody give us a fund- raising update? where are you with the amount of money that the committee has to raise to actually put this on? how are you going to get there? >> that obligation is on the america's cup organizing committee. and their initial target is $12 million by the completion of the process and board approval supervisors. we understand there are on track to do that. we look forward to hearing more the approval process. that will come forward as we put this package together so that people

mr. barkley, we had to immediately pay attention and respect the public's input. we will continue to do our best, but i think, we have some solid confirmation we're headed in the right direction. i hope there are not individuals out there that have different agendas, apart from the success of our city, with this fantastic event we are about to give value to, and the long-term legacy that the event authority, organizing committee, the port and commission, are devoted to, to develop our water from, -- waterfront waterfront, which had the opportunity until this came along. >> [inaudible] >> with the expected agreement, a development agreement before the port, i would expect, knowing how important this is, knowing that it is part of job creation, we cannot wait to get people their jobs. that is why i lead with the unemployment rate. i am still not satisfied with 7.8. i want to get it down so low to show people, if you bring people together to make decisions, we can do an even better job. if we do not, we have the state telling us the triggers that they will pull, nati

mr. barkley, we had to immediately pay attention and respect the public's input.l continue to do our best, but i think, we have some solid confirmation we're headed in the right direction. i hope there are not individuals out there that have different agendas, apart from the success of our city, with this

mr. barkley's participation. he is learning what it is like to do business with the city.rning, has kept a calm approach -- perhaps not at the beginning. there was a high level of anxiety. we have a lot of other decisions that need to be made, so it is my style to make sure that we set a foundation where we can talk with each other and present those challenges so that we can make agreements. each of us gives up something to having said that, this event is moving forward. the cruise ship terminal is moving forward. the races -- you will start to see the smaller boats in august. 8000 jobs. that is not just a promise. that will be a reality here. very soon, you are going to see their activity on pier 80, and there will be some public days where you can see the activity going on with the boats. i want to make sure that you see that, in anticipation. i have a third thing to announce today, but before we have everybody speak -- i told you we have several sets of hands working on economic growth in the city. some of you may have heard, the pac 12 media center is moving to san fra

mr. stephen barkley from the event authority. so there is a lot to digest today. hold on a minute while i load up the slide show. i would like to start by introducing the america's cup project director from the office of economic and workforce development, mr. mike martin. >> good afternoon, commissioners. i am very excited to be here before you to give you a bit of an overview of the america's cup events in the planning we have been doing. first, i want to sort of thank all the hard work from your staff here at the port of san francisco. it has been an enjoyable, professional experience over the past year to learn how the port and see all the great work that has gone into it. i would like to thank our partners. together, i think we are building a better project with the help of the community engagement that has been so robust. we hope to continue that work with the actions ahead of you as well as going forward. without further ado, let's move into the overview. i am going to give a project overview today talking about the events themselves, when they will be year