America's Cup: How City Would End Up On the Hook for $55 Million

During a lengthy Wednesday hearing regarding the America's Cup — which was far less thrilling than a yachting race and had far more nautically themed public comment — the city's budget analyst made an emphatic point.

Based on the “Northern Waterfront Alternative” plan which is currently en vogue, Harvey Rose warned that billionaire yachtsman Larry Ellison's “Event Authority could end up paying nothing — nothing — for infrastructure improvements.” Bluntly, $55 million in city money would be siphoned from the general fund and into the kitty of companies controlled by one of the world's wealthiest men.

How would this happen? In not one but two ways.

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