22 • January 17 - 30, 2014 • The Log
New Figures Show America’s Cup Cost San Francisco Taxpayers $5 Million
2013 races generated econom- ic impact of $364 million to $550 million.
SAN FRANCISCO (AP) — The 2013 America’s Cup races generated far less economic activity in the San Francisco Bay Area than projected, and they have cost taxpayers more than $5 mil- lion, according to draft figures released Dec. 10.
Figures from the Bay Area Council
Economic Institute reviewed by the San Francisco Chronicle show the races generated at least $364 million in economic impact. That figure rises to $550 million if the construction of a new cruise ship terminal is factored in. That is far below the $900 million
projected just a few months before the races were set to begin, and the $1.4 billion originally estimated in 2010. Based on figures from Mayor Ed
Lee’s office, the races have cost city taxpayers more than $5 million so far, despite private fundraising and a boost in city tax revenue.
The numbers came as Lee prepared to submit a proposal to host the next America’s Cup. In a statement, he said the races “showcased our beautiful city to the world and brought thousands of new jobs, long-overdue legacy water- front improvements, international visi- tor spending and a boost to our
thelog.com
regional economy.” But Supervisor John Avalos said city money would have been better spent in outlying neighborhoods such as the one he represents, rather than on its waterfront, which was spruced up for the races. “A $5.5 million deficit — all for a
yacht race for billionaires,” Avalos said. “The whole event has been nothing more than a stupefying spectacle of how this city works for the top 1 per- cent, on everyone else’s dime.” The event faced numerous set-
backs, including the death of Olympic Gold Medal-winning sailor Andrew “Bart” Simpson during a training run in May.
The $100 million price tag to com- pete in the race whittled down the list of competitors. Simpson’s death raised concerns about the safety of the race. Still, the finish was thrilling, with defending champion Oracle Team USA coming back from an 8-1 match deficit to defeat Emirates Team New Zealand. “While the economic boost fell
short of initial expectations, it’s defi- nitely worth a modest city investment to generate hundreds of millions of dollars for our local economy,” said Board of Supervisors President David Chiu. “The race ended up being pretty exciting, too.” Russell Coutts, a five-time America’s
Cup winner who is CEO of Oracle Team USA, said it was a “very positive experi- ence” for both the city and the event. “The economic impact numbers
show what the America’s Cup can deliver,” Coutts said. “San Francisco provided a spectacular venue for rac- ing, and the final was one of the most exciting in the 162-year history of the event.”
Multitalented W. Starling Burgess, the naval architect who designed three America’s Cup-winning boats (Enterprise, Rainbow and Ranger) and the still-sailing 1928 sloop Sally, designed an award-winning airplane in 1915, worked with Buckminster Fuller to design an advanced automobile (the alu- minum Dymaxion) in 1933 and is credited with creating typogra- phy that inspired the Times New Roman typeface.
Designing Couple In 1937, Burgess married designer Marjorie Young, who designed and built a 25-foot sloop called Pompelian. In 1940, Rudder maga- zine wrote that she was “the only female naval architect in America.”
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52