From the SF Chronicle
From the America's Cup
SF must fundraise millions for America's Cup
By America's Cup Verve Feed on February 13, 2013 at 4:47 PM
Dollars and sense: A "fundraising fiasco" is what Supervisor John Avalos is calling the news that the city could be liable for upward of $20 million for hosting the America's Cup.
Avalos called for a hearing at Tuesday's Board of Supervisors meeting to look into the America's Cup Organizing Committee's promise to raise $32 million for security, transportation and other public services for the international sailing event this summer. So far, the group has raised $14 million.
"We all bought into the pledge, and now we're seeing that the America's Cup Organizing Committee hasn't lived up to its pledge," Avalos said. "I think we have been taken in terms of what we're getting for the city."
Mayor Ed Lee has launched an effort with Sen. Dianne Feinstein, Rep. Nancy Pelosi and Board of Supervisors President David Chiu to ramp up fundraising as many local sources appear to have run dry.
"We're not in the hole, but we will be if we don't raise enough money," Lee told reporters Tuesday. "This is a financial obligation that we signed on."
The event has been significantly downsized since the fundraising efforts began, complete with just three teams instead of 12 signing on and scratching the development of Piers 30-32, which would have hosted the teams' hospitality tents.
Recreation and Parks Commission President Mark Buell, the committee chairman, said he wasn't surprised by the hearing request given the recent headlines. But organizers say that a scaled-down event could mean lower costs for the city.
"We're roughly halfway there," said Buell, who was reached Tuesday evening while at a Pier 80 America's Cup fundraising event with Bay Area CEOs. "I think we'll get there at the end of the day."
– Neal J. Riley
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