tv [untitled] October 5, 2010 10:30pm-11:00pm PST
planning and implementation, as well. >> in terms of the port or the rec and park director, -- they would it have the obligations. supervisor mirkarimi: just to get back to a basic premise, aside from the brandon street, pecan what is the port plan for this area? >> there are a lot of great ideas. this is extremely expensive to replace it it would not be as economic as purchasing land across the street.
there is not a concept of those, including on the seawall lot. we are marion that asset with 332, where we would never be able to make -- we are marion and those assets, where we would never be able to make that work -- we are marion -- marrying those assets. pier 50 is in a growing community. it is a sizable pier.
they had to put twice in in order to get to that. we do not have an appraisal on seawall lot 330, but we would need to do that moving forward. pier 50, it is harder to know what the value of that is. our capital plan calls for approximately about $60 million in needed investment just to continue its current use. that would be shoring up the @.
supervisor mirkarimi: what about rehabilitating the piers so that they would not compromise the question or add a eventually that it is not ours anymore. " >> that is a great question. there is another name in the state constitution for the redevelopment area can is owned by an entity. there is a share of the tax increment dollars. receiving the ability to do this four or five years ago, with the
intention of treating investments in the portfolio as a vehicle for investment, so the plan already incorporate the idea. they are already prepared to do that. the infrastructure financing district will do just that. like a redevelopment area, wrote it when of a life of up to 240 years. -- unlike in redevelopment area, it would have a life of up to 240 years. supervisor mirkarimi: thank you. supervisor maxwell: rec and park. >> good afternoon, supervisors. i am with the recreation department. the 84 inviting me today.
we're also your to lend support to the city's america's cup bid. i know the details need to be worked through. we're looking at the opportunity to bring one of the sporting events to our upwards. this is home to the golden gate yacht club. while the bulk of the activities would be placed on or around the port property, we think there would be significant residual benefits. others have spoken about the economic impact of an event like this. as you know, this is very important for departments, like
sport. could you talk about the programs that allow different demographic fit? >> i know that we're trying to move into the water front. a. this is to bring kids from all of the areas. supervisor mar: it would be good for me to get numbers of public- school students to participate now versus if this project goes forward and how we can extender
-- can extend that. supervisor mirkarimi: i know this is not something we have been exposed to en masse, but when the cup came to the area that i spent most of my youth in, they were in the minority. it was the working class. it was the blue-collar, all of us, the family that i came from. we grew up with this as if it were just a normal part of our sort of demographic dna, and we learned to adapt, always in joining in a really relying on the america's cup economy all year round for the three years that it cycled always butoí
newport, rhode island, so it is a reduction in a requirement that we demystify what this would mean to an urban center like san francisco, and since we have probably some of the most finest sailing in the world here, yes, there are huge swaths of repopulation, in particular the population of the spanish community, that do not that. and if there could ever be a better reason to facilitate education outreach so the we introduced to communities what that means, 5$ this. supervisor maxwell: thank you. >> thank you very much. >> i want to try to get to public comment as quickly as possible, so let me move through the rest of our presentation. i have talked before about the broad support note that we enjoy
a number of agencies on the sly. this is going to permissibly asking them about the san francisco bay. we will be going out to many of these organizations again. we already do a number of international event. now, i want to move quickly to the corporate support and community support that is pivotal to our success, and sections 12 and 13 of the term should contemplate the america's cup organizing committee, and we have with us today a commissioner to speak with us specifically about the independent nonprofit. what i have here is a list of numbers, in this was announced last week. the mothers and fathers will be a san francisco that have come around being on this working committee to of this city
have another person to speak. >> i am one of those people who gets up before a club in the morning and watches his computer to watch the america's cup off of the coast of spain, where there is no reference point, there is simply lines, and you wonder why you do that at that time of the morning, but i find it being one of the most unique races in the morning. we cannot afford to let this opportunity pass us, and so to use a nautical term, it is all hands on deck, and that is how this whole thing has been approached. i think we have to recognize that we have a choice than to move rapidly, to demonstrate to the war " -- the oracle and bmw team that we have the resources to pull this off.
going to ask her to talk about what she has done in every one of the meetings so far, but i think the important nexus here is that the team has to demonstrate to us and to the corporate sponsor the kind of opportunities those sponsors have. how many people will see their logo, what is their incoming demographic range, and what does that mean? making a commitment of x millions of dollars to go forward. that is going to be coming down the line as those equations are put together. it is not going to be the philanthropic company giving larry ellison the money. he has already got the money. it is the corporate community recognizing this and giving it to the team the venue that is put together to run all of these, so with that, i want to ask her to come forward to a minute and talk about how many people have visited and what kind of responses we are getting.
>> specifically, we have taken meetings with visa, united airlines, bankamerica, jpmorgan deshaies, cisco, blackrock, the others, and had conversations with several members of our bay area fortune 500 companies. our futures targets include chevron, and g e, and the list goes on for about two others, notand what this means into our waterfront, but at the end of the day, this is a business decision for them. it ismi and all they can do is provide introductions for the bmw oracle racing team and try to create a partnership, find those companies that are looking to make investments on global branding or the customer-client
experience. so far, we have had very favorable reception. the team and even a three recognized this process, -- the team and the event authority have recognized this process. the america's cup organizing committee in partnership with the of the authority ultimately will provide for those partnerships. i also would be happy to talk about the bond. ok, great. the other piece, section 12, talks of the obligation. section 13 talks about the bond. we are still working on the right term. the concept is the america's cup organizing committee will probably raise, and the number
here is $32 million, and that and they will reimburse the city and pay for that permit which otherwise would not have been, so that is the most tangible i can give you. corporate fund-raising as well as ensuring -- that is the other charge of this, and to your point, that was one of the processes around ceqa. supervisor mar: it goes into raising fees and also staff time
and place in time, like from your staff for --o or rec and park. >> that is raised through corporate sponsors, so visa, for example, the worldwide brand, their logos, and the event authority has the right,z additionally $32 million raised privately by the america's cup organizing committee to cover permits and costs. it would delineate exactly what planning staff would do and in what amount of implements -- increments would be covered within >> i would simply finish by saying that the executive
committee, the organizing committee, that represents 15 good citizens who are devoting their time and efforts. supervisor maxwell: i have -- supervisor mirkarimi: i have a question for mr. mcclellan. as exciting as this is about the process -- a!=mq for america's cup, somebody should address the fact, because i have lived through this, what it means in case we actually host it and then lose it, like what happened in 1983 after 53 years of being the host for the cup. what happens to the significant investment, substantially, in terms of us bracing ourselves?
we would like to believe we will be in definitely the long-time host of this, but what are some of the economic contingencies to prepare for in case these are influences out of our control, in terms of being able to retain the right to host it. commissioner buell: i will confirm with my colleague about this. we are setting up this offer to say, "you have the opportunity to invest in these facilities and use that in the short term for the america's cup." do the $150 million in infrastructure repairs. as long as you want to use them, they are there for that purpose. at a time when the cup has been wrestled away from the team, whatever interval of time that is, there would have to go to
the entitlement process to recoup their investment on the facility. in terms of staff investment, whether it is the planning department or any entity, in the undertaking our preparation, that would be covered by the $32 million. any future event or use of those facilities, and they would have to go through and complete environmental review to further recoup their investments. supervisor mirkarimi: if you may need more time to prepare for this, and that is fine. but i can't it is important that we learn from the experience -- but i think it is important that we learn from the experience of what it means to host the cup. those who win it have the authority to do what they want with the top. that means we are rolling the dice. commissioner buell: understood.
i have two final comments before we get to public comment. supervisor mar: obviously, this is potentially a huge economic boon for the city. how do we ensure that everyone in san francisco can benefit? what is there to make sure that all boats are lifted? while supervisor daly and i may disagree, i think the concern he has i share about making sure local residents benefit from the stimulus around the event. chairperson maxwell: also local businesses, and how this benefits local residents. commissioner buell: these are helpful questions because part
of why we are bringing this to you now is to understand that the host agreement needs to be delineate. the term sheet includes our offer and does not include a host of requirements you would expect to see in future development of the agreement. i think you could equate the host city agreement as being closer to that in terms of a document. in our conversations, i think members here today can talk about what this would mean to our community. members of delancey street were at that community talking about storefronts in that neighborhood. i am hearing about those agreements and they are not delineated about neighborhood opportunity in the terms sheet, nor have we added work force contracting requirements. questions like these help us
take them back and say we need to make sure that are included and as comprehensive as possible. >> i agree we do not need to have this on the term sheet, but obviously want the back. local hiring is important to this entire port and something we have demonstrated time after time, a commitment to make sure some francisco residents are the ones who benefit in addition to others. has there been any discussion further as to how you will interact with the neighborhood associations and these various neighbors? how is that going to happen? commissioner buell: so far, it has happened on a case by case basis. mission bay has eight meeting in october -- has a meeting in october. i am happy to meet and talk
directly with members of those communities. they can contact me directly or anyone in our department. i appreciate that. we'll find a way to build it in. should san francisco be fortunate enough to be selected, the team will be our partner in providing not only be hosting but these benefits. they need to understand and have an opportunity to have this dialogue as well. i wanted to touch on the environmental review. the team is conducting rigorous and extensive review of the regatta. that will inform the design and event planning elements. the city has worked with and will continue to work with the public and keep environmental stakeholders' throughout the review process. i'm want to be explicit this is not a term sheet.
-- i want to be explicit this is not a term sheet. we think it is important to have them at the table. we have been trying to show that level of engagement. we hope that they review the term sheet and will ultimately be able to take a position of support. lastly, i wanted to mention that we have one technical change in the term sheet which was an attachment. i have new copies. those are for the members of the board. we have section 10.5, page 8. as included in the original term sheet, which was overly broad and needs to be tightened down -- we want to work with the labor community and the team to make sure we have the appropriate language that goes into the host city agreement.