The ink is barely dry on the $5.5 million lost in taxpayer dollars incurred in the just-concluded America's Cup, but hindsight is 20/40: San Francisco is already entering a new bid to host the next America's Cup.
If you'll recall, this summer's festivities generated only about one-third of the estimated $1.4 billion in economic activity promised by organizers. This time, officials promise not to make the same mistakes, pledging to avoid complicated real estate transactions like the one that promised Larry Ellison the long-term development rights to Piers 30-32 and declining to seek out private donations (they raised just $9 million of $22 million they promised and had to dig into city coffers to make up the difference). "We will negotiate a very tight agreement for a great race that protects taxpayers and maximizes the economic benefits," affirmed mayoral adviser Tony Winnicker.
As the come-from-behind winner of this year's race, it's up to Larry Ellison to decree the location of the next event, which will likely be in 2017.
Previously: America's Cup Cost S.F. $5.5 Million, Organizers Call It A 'Pay Off'