First there was news that no one cared about the America's Cup except this guy. Then yesterday, we learned the city would be pulling in about half as much revenue as originally projected. But if there's one silver lining to be found on the wing of those multi-million dollar AC72 catamarans: the city's costs for hosting the event are about $10 million less than planned.
The Chronicle reports:
San Francisco's costs have similarly shrunk from an estimated $32 million to $22.5 million, leaving an eminently reachable target of about $3 million more in private fundraising to cover the city's costs if tax revenue comes in as projected, according to reports The Chronicle obtained Tuesday.
Those numbers should do a little but to calm down city supervisor John Avalos, who felt the city got "played" when they cut a deal to host Larry Ellison's event. A hearing before the Board of Supervisors will be reviewing the matter Wednesday and the city's project director for the boat races has called this "a good thing" for the city and the economy. (Although he might be a little biased.)
Not wanting to see the event sink, Mayor Lee has even signed on to help with the private fundraising and call on his famous friends to help bail it out before the races begin in July. Assuming revenue from city taxes hit their projections before the regattas conclude in August, the city will only need to find another $2.7 million in funding to make up the difference.