BILL ANALYSIS
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THIRD READING
Bill No: SCR 124
Author: Yee (D), et al
Amended: As introduced
Vote: 21
WITHOUT REFERENCE TO COMMITTEE OR FILE
SUBJECT : Americas Cup: 34th Defense Match
SOURCE : Author
DIGEST : This resolution recognizes that Californians
would benefit from the immense, positive economic impact of
hosting the 34th Defense of the Americas Cup in San
Francisco, California. This resolution petitions the BMW
ORACLE Racing Team representing the Golden Gate Yacht Club
to designate San Francisco, California, to be the host of
the 34th Defense of the America's Cup in 2013 or 2014.
This resolution urges the state to support San Francisco's
bid to host the 34th Defense of America's Cup and to
execute the formation of a single face of state government
for securing state permits for the America's cup in San
Francisco or other state documents.
ANALYSIS : This resolution makes the following
legislative findings:
1. The BMW ORACLE Racing Team representing the Golden Gate
Yacht Club of San Francisco, California, won an
America's Cup Deed of Gift Match Regatta in Valencia,
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Spain, on February 14, 2010, and has returned the
America's Cup Trophy to the United States.
2. On August 22, 1851, the United States-built schooner
America defeated a fleet of Britain's finest ships in a
race around England's Isle of Wight. The ornate silver
trophy won by the America was donated to the New York
Yacht Club on condition that the cup trophy would
forever be placed in international competition. Today,
the America's Cup is the world's oldest continually
contested sporting trophy and represents the pinnacle of
international sailing yacht competition.
3. The 159-year history of the America's Cup makes it the
oldest and most distinguished prize in the world of
sports. The America's Cup is the Holy Grail of yacht
racing. This cup, in competition for a period of 159
years, is the oldest and most distinguished trophy in
all sport, predating the World Cup, Davis Cup, Stanley
Cup, Walker Cup, and all others of significance.
4. The America's Cup, first contested in 1851, presently
resides at the Golden Gate Yacht Club in San Francisco,
the home club of BMW ORACLE Racing. Only two other
American yacht clubs have held the trophy - New York
Yacht Club and San Diego Yacht Club. On February 14,
2010, off Valencia, Spain, BMW ORACLE Racing defeated
Team Alinghi 2-0 to win the cup, and will defend the
America's Cup in the 34th cup match expected in 2013 or
2014 at a venue to be determined by the American team.
5. Other United States cities that have hosted the
America's Cup match, notably New York City, 1851 through
1930, Newport, Rhode Island, where cup racing was held
from 1930 through 1983, San Diego, California, which
hosted cup defenses in 1988, 1992, and 1995, have been
eliminated from consideration for hosting the 34th cup
defense, leaving only San Francisco as the last possible
United States host city.
6. The assessments of economic studies found that holding
the next America's Cup here in either 2013 or 2014 would
infuse $1.4 billion into the San Francisco Bay area's
economy, the vast majority of it in San Francisco, and
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generate 8,800 jobs.
7. A report by the Bay Area Council Economic Institute and
Beacon Economics estimates that all told, including
statewide and national impacts, including extended
tourism, the series of yacht races in San Francisco Bay
would generate $1.9 billion in economic activity and
create approximately 12,000 jobs.
8. All the citizens of California would benefit from the
proven immense, positive economic impact of hosting the
34th Defense of the America's Cup in San Francisco.
FISCAL EFFECT : Fiscal Com.: No
DLW:mw 8/23/10 Senate Floor Analyses
SUPPORT/OPPOSITION: NONE RECEIVED
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