we will be here for the america's cup world series. that event will take place over nine days to six weeks. there are table below events planned. we did not have the final date scheduled yet, but it will be announced shortly. after 2012, we will be back again in july of 201340 louis vuitton cup. you think of the america's cup world series almost as the regular season. the america's cup itself is the final that will take place over the three weeks in september. with the only caveat being that in america's cup sailing, the winner, the defender is automatically in the finals, so the united states will be in a final no matter what. we cannot get kicked out early, which is nice. [laughter] again, part of our strategy about bring this back to the masses into the public is again for the first time in history, we are able to have the racing in front of people. the san francisco amphitheater is our stadium. there is no better natural location for this event in the world. consisted wins every single day you can plan a broadcast schedule around. f

the same is true with the america's cup. the disposition and development agreement with describe the long-term relationship between event authority, and attach to that would be the new leases for the short term use of port property during the event -- would be a venue leases. sometimes they start right after the event, sometimes later. the last up to six months after the event is over. possession for most of the sites would likely return to the port in 2014. part of the cordele is a transfer agreement to transfer seawall law 330 c title from the port to the event authority. it is part of the basic deal between the city and even authority where if they spend $55 million, the city will transfer a long-term lease. we will also ask the commission to consider an even relocation plan. this goes to the many tenants. we are going to hold the america's cup and provide -- these need to be moved to another location. this is a

>> i was going to ask about the implications on the america's cup, but i think we cover that in staff's report. i did have a technical question. the change would be just the prevailing market rent. is that at the time of renewal? what if the rent goes up and down and it happens to be at a low period and it happens to go back up? are we picking a point in time? how do we adjust to the fact that markets can go up and down, how do we reflect that so we are both fair value? >> deputy director, real estate. i believe the question is that what times doesn't adjust -- >> i understand after five years it is prevailing market rent, but that particular time, we could have adjustments in the real-estate market that go up and down. by the look of the draw they either get a lower rent or we get a higher rent at the time? >> at the end of five years, there is a market rate adjustment. that is based, basically, on the commission-approved parameter rates for pier 9. the red gets adjusted to our current market rates at that time. for the next five years, there is an escalation of 3% that goes on for fiv

the event. there is a fourth organization -- america's cup race management. that is the group that is really looking at designing the on- water racing activities and officiating the racing.

this is part of the america's cup effort to indicate that this is more than a sport. they want to build on the reputation the san francisco has as a model of sustainability by putting this program together, and they have the ambitious goal of a multifaceted outreach program related to it. that would involve public service announcements, identification on all america's cup votes, and also, multiple out -- events -- multiple outreach events. it relates to clean regatta standards as it relates to the base as well as environmental stewardship. the program will be part of all america's cup events and will be prominently -- the paraphernalia will be prominently displayed with the world series in san diego that will be held later this month between the 16th and the 20s. sad news -- we have lost another of the icons along the waterfront, and i did want to speak to that. captain richard frost died on october 29. he was born in arizona, lived on a cattle ranch until he joined the navy in 1939 at the age of 18. in the navy, he was given the nickname jack frost and used that name

a new type of america's cup. the races before have been off the coast, hard for spectators to you. not always in the -- always in very impressive votes, but not always the fastest racing yachts available. the plan is really now to go with these catamarans that are dramatic. we have seen them out on the day -- bay, and it is amazing to watch. speeds are impressive and it will be a new race and a new experience. the overview of my presentation will be sort of the even timeline -- even timeline, the various partners involved, the course area, some of the venues. i will leave the venue description to david. implementation plans, talk a little bit about the transportation strategy and go into question and answer. so there are three main parties to the host and a new agreement that the city signed in december 2010. city and county of san francisco, the america's cup event a 40 -- this is a group that is managing the planning for the event on land, and the america's cup organizing -- excuse me -- yes, organizing committee,

given the comments that we heard earlier, in light of the issues surrounding the america's cup, unless there is some reason we need to vote on this today, i would like to move that we defer this item to a future date. >> [inaudible] >> you need to come to the podium to speak. >> please, we would love to hear your comments. >> i just want to point out that we are not talking about five years. we are talking about the three remaining years. we are locked in, as you put it, for the next three years, not five. >> i wish i could say everyone's revenue was going up significantly, which would have made it significant. >> this is our second concession. we did have a long period of time where rates went up dramatically, and as you point out, we were foreclosed from participating on that. we renegotiated a new lease and this is the second time we have been asked to provide relief. so both parties have been wrong in history. >> but the issue still remains, the withdrawal of this motion to deal with the issues that came up today. >> continuance. >> correct. >> i would like to move that we continue

there is an agreement with the america's cup people. they are huge proponents of it. they are not going to allow any disruption of their cut. -- cup. >> as i understand the process, the next stage, the project goes before the planning commission for review of the eir at the beginning of january? >> we are during the planning commission will likely hear the item for review. there is associated issue with the shattering impact study -- that would all be on january 19. from there, we go back to you for your approval. we would then proceed [unintelligible] >> ok. anything else? >> thank you very much. >> informational presentation and staff directions to respond to proposed legislation to amend the planning code and zoning map sponsored by the board of supervisors president david chu. >> good evening. i am with the ports planning and development division. i am here to provide for you an overview and informational briefing on a piece of proposed legislation sponsored by supervisor and president david chiu on the planning code and zoning map. we have been working with the su

to us, we are very excited about the america's cup. we want to do everything we can to facilitate a successful operation. we would be glad to provide additional information. >> the uncertainty does not bother you as far as the understanding at the moment? >> we are willing to accommodate whatever you need across the premises. the issue, i think, is public access. we can change and modify the gate. >> your use of this is displacing the other use of the port? >> we would certainly like to expand our business. we have other products that we would like to introduce. we are also ready to begin the substructure repair work at pier 3. we believe that facilities would allow us to move growth away, so that the contractor can get to the substructure areas and allow us to continue to operate pier 9. >> thank you very much. >> thank you for your time. >> i am the regional director. i just wanted to echo some of the things that we heard earlier. particularly when we talk about existing tenants moving into the america's cup. we have worked very hard

the city allows. he will need to get special permission for that. next, america's cup. the agreement with the city says the city and port will do everything they can to limit and even the construction during the america's cup. i would propose that this project should not even be considered until after the america's cup is completed. there are going to be something like 400 loaves of debris coming out of this site on to washington, the embarcadero, right in the middle of the america's cup event if the timing as promised continues. our association represents 5000 residents and businesses in the northeast waterfront, ground zero for this development. we do not agree with it. thank you. >> next. >> i am an urban planner representing myself. i would like to say that i support the testimony from spur. i have personally study the plans in detail. in my professional opinion, this is an excellent plan that should be approved and implemented without further delay. the project takes what is an embarrassing environmental blight a parking lot and chain- link fence and turns them into

there is an agreement with the america's cup people. they are huge proponents of it. they are not going to allow any disruption of their cut. -- cup. >> as i understand the process, the next stage

the america's cup world series is like formula one racing. the end of the season, they have one winner. then the second season will have its champion. then we will pick up with louis vuitton. the best way to explain it to americans, this is like the playoffs. very much in the nfnhl, everyone qualifies for the playoffs. but there is no link between the america's cup and louis vuitton cup. the close to shore racing concept is also something that has never been done. this is a way to bring the sport to the people, to allow the mass audience, allow the introduction of the sport to a new generation of folks who are not hard core sailors but still respect the traditions of sailors. it was fantastic to see so many people. we had over 115,000 people come out to plymouth, including quite a bit on sunday. it is a spectator event for the whole family. if you enjoy speed and athleticism and a cool spectacle, that is exactly what this is. it is thanks to the technology of the votes that we're able to sail so close to the shore. that is also my san francis

in the development of the america's cup venue. what this describes in brief is that we have completed and have operational the power hookups at 27 and 29. because it will also use that same venue, the port is also looking at removing it for temporary periods, and the terminal itself, the shell, will be reconstructed. there will be demolition of the existing pier structure, reconstruction of the pier and once the america's cup is over, it will be used as the terminal for the cruise ships. during that construction time and the use of the shell of the building, the power component will not be operational. it will need to be removed. we met our obligations in that partnership project and expects to continue to partner with them as it gets three developed and posts in the construction of the terminal used by america's cup . >> that will be when? >> demolition is expected to occur in january of 2012 at pier 27. the new cruise terminal will start construction in the spring of 2012. the show is expected to be complete by december of 2012,

this is part of the america's cup effort to indicate that this is more than a sport. they want to build on the reputation the san francisco has as a model of sustainability by putting this program together, and they have the ambitious goal of a multifaceted outreach program related to it. that would involve public service announcements, identification on all america's cup votes, and also, multiple out -- events -- multiple outreach events. it relates to clean regatta standards as it relates to the base as well as environmental stewardship. the program will be part of all america's cup events and will be prominently -- the paraphernalia will be promintl