From the SF Gate…
San Francisco would be liable for escalating payments starting at $29,200 a day if it doesn’t have specific venues ready for America’s Cup regatta use by March 1 under a revised agreement with race organizers now up for approval.
The potential payments are part of new financial security agreement that leaves the city with a maximum exposure of $9.8 million if it can’t meet its obligations for hosting the main events next summer and fall, officials said.
That shouldn’t be a problem, said Michael Martin, the city’s America’s Cup project director. Read on.