you today for your consideration are a series of items this passage will secure the port's rich maritime legacy and begins a new chapter for san francisco as a port city. the pier 27 cruise terminal is one of the largest maritime infrastructure programs that the port has ever undertaken. for nearly three decades, the port has look for ways to develop a new passenger terminal the fitting a city like san francisco. passenger ships are getting bigger, and our current facilities are being taxed by today's passenger volumes. while past efforts were earnest, circumstances dictated that the past plans for cruise terminal developments never came to fruition. court staff, understanding the economic benefits -- port staff knew of another strategy would be needed if we were going to be successful. it is estimated that the industry brings in annually about $40 million of economic benefits to the region. the average contribution economically to the region is about $1 million. it also directly benefits our other maritime industries, such as longshore, a hug and tell, our pilots, and ship suppliers. the cruise industry is also vital to the ship repair sector, where

city's port properties, including the building of an all new cruise terminal at pier 27. but as always in san francisco, there are some challenges. juliette goodrich is in the city near a cove where some swimmers are saying they want to protect it. juliette. >> reporter: hi, ken. they're not giving up. so this cove behind me is home to thousands of dolphin club members, swimmers. well, part of the plan for america's cup is to put a huge jumbotron here and some of these swimmers say no way. they'll "occupy" the bay. >> sometimes i like to swim straight out toward the golden gate bridge. >> reporter: robin roam has been swimming at aquatic park cove for more than 40 years. today with no wet suit on she braved the cove waters a daily ritual. she says the thought of a jumbotron being placed in her sanctuary upsets her sense of peace and security. >> i feel like i'm not going to get to swim exactly where i want to swim anymore. i like the idea that this is a huge pool. >> reporter: the dolphin club is 1200 members, a beach-side clubhouse for more than a century. some swimmers say the america's cup yacht race would change their tranquil cove into party central for the races

a great segue. please come to the port commission meeting across the hall after. it is exactly as mr. martin said. with respect to the cruise terminal project, port of san francisco with the city'sssistance, the of an authority, are making it is significant investment in pier 14, 17, 29. the last time there was an investment was 1960. with respect to with they are talking about, piers 30, 32, the event authority will be making that investment, as well as 26 and 28. that leaves out probably another 25 piers. we are working on that. we have the exploratory and project. we have forced city which has helped us with pier 70. we continue to move forward to take care of our wonderful waterfront. as you know, the port issued public debt last year, the first time in a quarter-century that we have been able to do that. it is coming forward in piecemeal, but it is coming, at last. 43 is under construction. they have gone from being a word about it to being annoyed about it. -- worried about it to being annoyed about it. the public generously supported the projects, as well as the vernon street wharf. that is where the closed pier 36 is. you will see construction on that quickly. and then t

port of san francisco. in all, 77 businesses will have to clear out over the next two years as part of a massive make over of the city'st for the 2013 waterfront for the america's cup which is expected to draw hundreds of fans. >>> the cuts are 1-1/2% will happen over the next quarter. city bank will have to take a charge in the fourth quarter to cover severance and other expenses. >>> u.s. secretary geithner began a tour. he said the u.s. has no plans to give money to the international monetary fund to boost europe's bail out fund. >>> the markets closed mixed, the dow jones reacted positively to news that the euro may be getting tougher on countries with big debt. it gained 52 points today and the nasdaq edged lower about six points. >>> and it's going to be a cold one tonight. let's go to live storm tracker 2. the first thing you will notice is that freeze warning in blue. it creeps into the fairfield vallejo area. we have frost possibilities throughout the east bay and the north bay and some inland bay valleys. the wind are light, as you can see in napa the temperature is, let me get it out of the way there, 33 deg

port of san francisco. in all, 77 businesses will have to clear out over the next two years as part of a massive make over of the city'se 2013 waterfront for the america's cup which is expected to draw hundreds of fans. >>> the cuts are 1-1/2% will happen over the next quarter. city bank will have to take a charge in the fourth quarter to cover severance and other expenses. >>> u.s. secretary geithner began a tour. he said the u.s. has no plans to give money to the international monetary fund to boost europe's bail out fund. >>> the markets closed mixed, the dow jones reacted positively to news that the euro may be getting tougher on countries with big debt. it gained 52 points today and the nasdaq edged lower about six points. >>> and it's going to be a cold one tonight. let's go to live storm tracker 2. the first thing you will notice is that freeze warning in blue. it creeps into the fairfield vallejo area. we have frost possibilities throughout the east bay and the north bay and some inland bay valleys. the wind are light, as you can see in napa the temperature is, let me get it out of the way there, 33 degrees in