so our recommendations are to approve the project, that would allow you to approve the lease disposition agreement and authorize the port executiver to epter that ageement. following that approve the form of venue lease. if commission takes actions there are additional permitting steps that are required and contracting steps that are required both through the port and some of the permitting agencies. we expect we would be back in front of you to provide regular updates about what s happening over time and with that, i want to invite mike martin to come up and briefly talk about some of the acoc security issues, insurance issues to protect the harbor fund and general fund. thanks, mike. good afternoon, commissioners. mike martin, america s cup project director from the office of economic and workforce development. i definitely want to echo the words plaintiff benson that s been an extraordinary effort to get here and i think we re all pretty excited about what s taking shape
specifically excluding nap from access to any bond money. with that language added, opposition will largely evaporate. without that language i m concerned enough people will vote against the bond that it won t pass and otherwise worthy projects including those for the port will remain unfunded. why risk it? please include language in the bond that insures no money from it can be used for nap. thank you. we have one other public comment. i have very little to add to what sal question had. i m a member of the public that s here to voice concern about the bond including funding for nap. if you look at the 2004 survey that the park and rec did, the trails are one of the most important facilities for people. and that s w45 what the natural area will many pact. it s concerning to be going to the parks and seeing trees and natural habitat cut down as well as escalating use of herbicides in the parks. so i expect over the next four to six months because it s coming back for app
global city. really speaks to the synergy that exists between the port and muni. and providing the requisite connection between our vehicles and your water craft and your areas. as an enduring premier city on the rim, san francisco continues to provide the vital transportation connection to those of us who are lucky to live here and the millions who visit us every yore. in the years tom could, we re confident we will continue to balance the mobility equation in this city for the best interests of all of us who want to continue to move around this city. speaking for all of us at the sfmta, wleek forward to working at the port to ensure vital mobility for generations to come. thank you for the opportunity to be here today and congratulations on beginning to celebrate your 150th anniversary. thank you. thank you very much. [applause] we re looking forward to the reception, where we will actually celebrate some more, the anniversary and birthday. thank you. that concludes m
development agreement, under that former agreement, the event authority would have extended about $111 million to improve the waterfront both preand post match. here the port would spend $25 million is the estimate we re working with from proceeds repaid by the rents that the port will retain over the long term. under the former long-term agreement the port was going to give up $3.9 million in rents on an ongoing basis and by getting being able to retain those rents, we have added deck capacity as elaine forbes will explain in more detail. so our recommendations are to approve the project, that would allow you to approve the lease disposition agreement and authorize the port executiver to epter that ageement. following that approve the form of venue lease. if commission takes actions there are additional permitting steps that are required and contracting steps that are required both through the port and some of the permitting agencies. we expect we would be back in front of
complete bay area news coverage starts right now. this is ktvu channel 2 news at noon. good afternoon, i am gregg debro in for tori campbell. ktvu has been told that san francisco will probably be awarded the next america s cup race. the city has been in a battle with an unnamed italian city and newport, rhode island. it could pump up to a billion dollars in the local economy. tara moriarty more. reporter: good afternoon. we are here live at the st.ñfrancis yacht club along the marina in san francisco where there should be a party because they have clinched the america s cup. here is the reason, the golden gate bridge, this is a natural amphitheater for viewing. you will be able to watch it from several areas. now it seems like this announcement has been drawn out, many members of the yacht club here have been paying close to attention to blogs and posts on facebook waiting to see what race organizers will decide. we know this rome and newport rhode island were competi