Brown signs bill to spur America's Cup financing

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Associated Press

Posted on September 23, 2011 at 11:02 PM

Updated Saturday, Sep 24 at 2:34 AM

SAN FRANCISCO (AP) — California's governor has signed a bill aimed at providing San Francisco with new financing powers as the city prepares to host the 2013 America's Cup.

The bill is meant to spur private investment and make improvements to the Port of San Francisco's facilities in advance of the regatta on San Francisco Bay.

The America's Cup is expected to draw 5 million spectators. San Francisco plans to remake its historic northern waterfront between the Bay Bridge and Fisherman's Wharf.

Gov. Jerry Brown signed the bill Friday. It authorizes the adoption of a financing plan for a waterfront district.

The measure also will allow specific tax revenues produced in the district to be used in building the port's cruise terminal project at Pier 27.

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