within the framework somehow peer 50 continues to be a venue that is being discussed. it is not. it was not last week and it is not today as part of the northern waterfront alternative that we have now adopted, that you have now forwarded as the only alternative to be considered as part of the host city agreement. supervisor mirkarimi: that was our understanding, too. >> ok. thank you if i could have the overhead for a moment what you see before you are the venues that would be included in the northern waterfront alternative to host the america's cup. i know we have talked about them at length, i want to include a visual that shows the full breadth of the piers that are anticipated to be used for short term and long term used by the authority to briefly go through. at pier 80 would be the berthing of the u.s. a 17. other temporary facilities and preare ngata staging for the 34th america's cup. moving up there would be race yacht viewing. 30 and 32 would be the team bases. sea wall lot 30 would be used for tv compound and parking. 36 and 28 would be team hospitality. the area betw

they put a large degree of risk on the venues to cover cost overruns.chicago had been publicly guaranteed $500 million in costs for their olympic bid, and private revenue was expected to $246 million. the london olympic bid required 875 -- 875 million pounds worth of risk and costs. the valencia local and regional government had a 16 million euro agreement. obligating the general fund directly might be a feasible way to pay for the costs we are going to incur to host this event. we landed on development agreement where we get improved assets and the team gets to recoup the cost that they would be investing in our waterfront in order to host the event. that is just to answer how we landed on that formula. those were my specific updates. i wanted to invite brad benson from the port to come up that directly affect the port. supervisor mirkarimi: mr. bentsen. >> and the special projects manager representing 14. i wanted to address supervisor avalos's questions from the hearing. and to talk a little bit about the jobw impactwwwwwwww ofwwwwww that displacemen

. >>> japan's first ever venus probe has failed to enter the planet's orbit.he akatsuki unmanned pro-probe was meant to gather data about venus while in orbit. on wednesday it fired its reverse thrusters to change course, but japan's space agency confirmed that akatsuki passed by venus. >> ignition. >> akatsuki began its 500 million-kilometer space journey to venus in may this year. the probe cost $182 million to build and was equipped with sophisticated observation cameras. known as an evening and morning star, little is known of venus. it's almost the same size as earth. but conditions on the planet are very different. the akatsuki research team had hoped to learn more about possible global warming on earth. on tuesday the probe was trying to enter the orbit around venus using its thrusters at the point of about 550 kilometers away from the planet. but shortly after the operation jaxa's space control center lost radio contact with akatsuki. they partly re-established communications hours after. however, the data showed that akatsuki failed to enter the plane

this venue is part of the embassy hotel. i believe the hotel and a new owner are one and the same. -- and the new owner are one and the same. -- and venue owner are one and the same. no. station has recommended approval with conditions including the entertainment and at 1:30 a.m., which is a regular northern the station condition. -- northern police station condition. there are three letters from two different people in opposition to this application related to noise concerns. if they have any questions, i would ask the direct them to inspector cornelli, who has firsthand experience at this location. staff is recommendation -- is recommending congressional -- conditional grant. president newlin: any questions? >> good evening. my name is naresh dhadhal, and i am the owner of noble at 600 polk street. six years ago, i was in front of this condition for a license -- is commission for a license and was granted the license. this year, we decided to modernize the venue. we partnered with [unintelligible] we completely refurbished

many of these venues are in productive use for the port. there is a variety of free and did uses, such as parking, that happened on these facilities -- a variety of preemptive uses. what does it mean for the court to vacate these areas? if you look at that, there is approximately 46 tenants in these facilities. they currently bring $5.2 million to report annually, and much of that is from participation, rent, and parking, and is variable. if you look at the overall time of the race, which is generally from the end of 2011 to when racing concludes somewhere in 2013, we bracket those costs from those facilities of a rent loss of about $13.3 million, so these are the facilities that would be in use. especially if you look at table two, you will see that south of mission creep, which is essentially the industrial area of the port, has some very significant events to report right now. we are really -- just to step back, we are a very interesting mix port. we do not have a lot of cargo, but we have a number of maritime uses, whether they are supp

on tuesday it tried to enter the orbit 550 kilometers above venus. the agency briefly lost contact with the probe but later re-established communications. it had been trying to confirm if the operation was successful. akatsuki was launched back in may as japan's first probe to venus. it was equipped with five cameras to collect data on the planet's atmosphere. >>> iran and six key nations concluded a two-day meeting in geneva on tuesday but only reached an agreement to continue nuclear talks next month. officials from iran, the united states, and four other permanent members of the u.n. security council plus germany held the first talks in 14 months on tehran's nuclear development. the details of the talks were not disclosed, but the six countries are thought to have urged iran to immediately stop its uranium enrichment. iran is also likely to have stressed that its nuclear development is for peaceful purposes and the uranium enrichment is its legitimate right. the two sides agreed to meet in istanbul in late january. >> we plan to discuss practical

largely on the central waterfront as the primary venues of the race. it would have ceqa lot 3032 as the public face of the race over here, and it would have the industrial that shop most racing activities where they would hold the votes out of the water, tweak them to make them the best racing boats around. around 3032, the other venues that would be almost all the surrounding vineyards would be part of the operations. peer's 28, 48, and potentially 38, 40, and 54 as well. those are the short term or backup facilities that would all be theoretically pressed into service for the america's cup there. and if i could have the overhead, please. there is actually a list of the facilities as proposed in the host city agreement. as you know, with a term sheet -- a term sheet has gone to the board of supervisors. it was pretty high level for a race and event and land use this complex. it was a relatively short document that turned around and actually negotiated a host city agreement that would be a little bit more detail. it's surrounded the set of uses in the

they are accusing this of not knowing the venue -- and knowing the venue and not sharing it with other teams, and he is under the gun to identify this side. it has ramifications in various other places. i think a year from now, when it is time to say, "is the bond posted? are we doing the job? what are the realities that if anyone is going to walk away from this?" i think you should be protected. i'm not moving that way, and i think our committee needs to be protected from liability, but we will be well on our way by the time that juncture in the road comes. >> -- supervisor mirkarimi: i know supervisor elsbernd has some questions, but no events we have seen in the united states typically happen without some foreseen cost overruns. we expect that in that particular case, with the question of $32 million, it could be more than that, so we would presume that your body would also be taking consideration of how we would protect for that particular possibility. >> absolutely. supervisor mirkarimi: hal? >> the limit of our liability now is $32 million, and we have specifically tried to hold

some of the venues that we're looking at, you can see that list. the club, golden boy pizza, the 3000 block of the fillmore area which we issued a citation in and a few warnings to venues in that area, el rincon, bar and church, and you'll see the list of -- who received notices of violation. and then for the citations, really, you're looking at the matrix and the fillmore area, heights, el rincon and lime. the two that i want to draw your attention to are both el rincon and lime being as both have now been cited twice. so those citations are starting to go up as far as cost. the el rincon whereas before, they were cited for one particular violation of thrae security plan. where -- of their security plan. where in the past it was $100, now $200 and $300 and so on. and the list of incidents, both minor and major. i would like to ask a question of this commission and the report that we gave to the city supervisors, you'll notice that on our incident list, we had them separated by plachese that we do permit and -- places that we do permit and places t

what venue -- but would be the venue in the event of litigation? >> supervisor, as i mentioned earlier, section 18.3 of the agreement suggests that any dispute should be finally adjudicated during arbitration by the icc. that does not have a qualification. it would then require that they would seek some sort of extraordinary judicial relief to avoid -- to void the contractual provision. supervisor campos: could the other side file in a foreign court? could it file outside the u.s.? >> they could file in whatever place they chose. whether or not that court would entertain the suit, in light of the fact that this is an agreement that is governed by california law to be arbitrated under the icc, is another question. supervisor campos: that is the problem. i like that you have a provision that says it would be under california law. but you could end up in foreign court, overseeing that case. i think that is, again, in terms of protecting the rights and interests of the city, and trying to avoid possibly negation, i worry that we might find ourselves --

in the file is a complete timeline of the venue approvals. not only for the venue uses, but the long-term development rights would also require future ceqa. that is a really important point for folks to understand. the leases would go to the port commission as well as to the board of supervisors. the question has been -- why now? why are we moving so quickly to get this decision through? i will answer it hopefully very clearly. protocol states in section 12 as well as section 25 that the team will make a selection of a host city for the 34th america's cup by december 31. they will also have the course determined, and they will show that with the competitors who have taken out papers. i believe there are at least four of not five competitors. the challenges open on november 1, so those folks are already wanted to design their boats and get their corporate sponsorship program under way. this data is not arbitrary. it is stated in a protocol that they will make a decision by the end of the year. additionally, it is stated that if there is any wa

the following venues' receive notices of violation.nny incident with a star is not a venue that we did not permit. -- any incident with a stark. i can go over if you wish. >> we will open it up to commissioner questions. >> how are you tracking those applications? >> we created a database that we had and any citation was to be put into. we have expanded that to track but other -- coming in and so forth. we already had that established. >> what is your recourse if they go the limit? >> if they got one more per week, instead it actually says that we can actually surf. once we can go 30 days, i believe this is 5%. >> there is a panel assessment and this is on the permit. >> an addition, hope of -- we're not a collection agency. while they may take a portion of what is perceived, this is not that large. subtracting will not be a problem just yet but obviously if we are successful in the coming budget year or any time soon in achieving more reinforcements staff,, that is how we plan to do that. >> have you spoken to anyone in the comptrolle

even if the golden gate yacht club loses, you will have a venue here. will have fully occupied tenants there. you will have port facilities that have been rehabilitated. time is of the essence. i am in intimate contact with my former colleagues. the teams need to know where this thing you is going to be. that puts immense pressure on ellis's groups now. supervisor mirkarimi: thank you. next speakers. next speakers. >> i and the operations manager

resolution approving a host city and venue agreement between the city, the america's cup event authority the san francisco america's cup organizing committee; authorizing the mayor or his designee and the port to execute the host city and venue agreement; authorizing and urging the mayor, office of economic and workforce development, port and such other city officials as appropriate to take such steps and execute such additional agreements as are consistent with the host city and venue agreement and this resolution to bring the 34th america's cup to the san francisco bay; and finding that the proposed event is fiscally feasible as set forth in administrative code chapter 29. supervisor mirkarimi: thank you. very good. colleagues? good afternoon. good afternoon to everyone. this is the first time that the budget and finance committee has had a hearing on the prospect of hosting the america's cup race. earlier this year when mr. yellow sun had secured the, once for which was well supported by the mayor, registering our strong interest in competing for the prospect of hosting. it was not th

other stock venues. futures trade on cftc-regulated markets are being used to affect prices on sec-regulated options and stock markets. some traders are using high speed trading programs to execute their strategies, sometimes submitting and then cancelling thousands of phony orders to affect prices. to get a sense of the trading activity day goes on today, take a look at this stack of papers. this stack, nearly 5 inches high, contains the actual message traffic generated in the futures, options, and equity markets with respect to one major u.s. stock over the .ourse of one second t one stock in one second produced over 29,000 orders, order modifications, order executions, and cancellations in all three markets. this stack shows in black and white how traders are now analyzing trades in all three markets at once, evidencing how the futures, options, and equity markets are interconnected. imagine the same stack multiplied countless times, filling this entire hearing room, and the interconnectedness of the

essentially, in some ways, you think about these venues. people create venues like this on a temporary basis even for a month-long event, and the question is how far along we have to get to serve purposes for the race and the authority. that is the question that has to be worked out in detail, but any step we take a long entitling those things, doing the demolition, building the new core shell, all those are major steps in delivering a final pier 27 cruise terminal. >> i'm supportive of approving this agreement today, and like many people in the room, i have been fortunate enough to have been on the san francisco bay. there have been many times where i'm sure it is sunny or maybe the fog is rolling in, where you say to yourself that not that many people are out here and people ought to see this. growing up here on the bay and feeling that it has not been utilized to a full degree, this has been a fantastic opportunity investment for us to open up the san francisco bay and the waters and the enjoyment and benefits that it brings. so i congra

even if the golden gate yacht club loses, you will have a venue here. you will have fully occupied tenants there. you will have port facilities that have been rehabilitated. time is of the essence. i am in intimate contact with my former colleagues. the teams need to know where this thing you is going to be. that puts immense pressure on ellis's groups now. supervisor mirkarimi: thank you. next speakers. >> i and the operations manager for two sailing companies here in san francisco. we are located on pier 40. we have seen an uptick in business already, just due to the possibility of the cup being here. we have been fielding phone calls from around the world about what it would cost to torture a boat to be out on the day to see the races and our waterfront. i was talking to my boss. if this goes through and the board votes on it as a yes, we will start the conversations about purchasing a new vessel to grow our business and take care of the demand coming in. that will be an immediate four to five full-time jobs, probably in the world of 40 to 50 jobs wh

teams are pushing very hard to learn what venue is going to be for the 34th cup.y need to know whether it will be raced in 25 knots or five knots. san francisco provides 25 knots. they need to know. the city also needs to know so we can start the ceqa process and begin building what we need to do it and deliver on our promises as a city. timing truly is of the essence. my profession is mergers and acquisitions. i have worked with larry ellison before in my other life, and i know from firsthand experience that he will walk away from a deal if it getsre- traded -- if it gets re-traded or renegotiated at the end of the day. we trust that will not happen. we talked about the dream team of the port authority. this negotiating team also is a dream team. they have done a great job of negotiating. maybe they did not get the absolute best deals, but they have done a great job. i encourage you to move this forward quickly and approve this proposal. supervisor mirkarimi: thank you. after these next speakers, i am going to call up some more cards. tom rellea, jon heralds, nie