City Drops America's Cup Price Tag

By Matt Baume
|  Thursday, Nov 25, 2010  |  Updated 7:51 AM PDT
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City Drops America's Cup Price Tag

Boats.com

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After making a seemingly too-high bid to host the America's Cup, San Francisco seems to be backing off a bit.

The latest proposal is about $30 million cheaper than the previous offerings. Previously, the city was under the impression that it was competing with some European cities for the yacht race. But after doing some investigating, nobody could figure out exactly who those competitors were, so it looks like it's just San Francisco in the running at this point.

Of course, a dark horse candidate could come from nowhere at the last minute. Santa Cruz, perhaps? They do have a beach boardwalk, after all. Passaic? Melbourne? Topeka would be a bit of a stretch, but you never know what they're up to in those fly-over states.

The next big milestone for the city's plan is on December 1, when the Budget and Finance committee will review a report that the race could cost the city $128 million. Of course, that would likely be offset by the economic shot in the arm that would be provided by construction, concessions, and tourism.

The latest plan would involve a land giveaway to organizer Larry Ellison, but it would be slightly further north than previous suggestions. That would save money by avoiding costly evictions.

The full board of supervisors will consider next steps at a December 14th meeting. It's anyone's guess how the price tag could fluctuate between now and then.

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