sf-americas-cup.jpgSan Francisco’s effort to host the 34th America’s Cup sailing race moved forward this week as the city submitted a formal framework for the terms of the event.

Oracle CEO Larry Ellison’s BMW Oracle Racing team won the last America’s Cup in Spain in February on behalf of San Francisco’s Golden Gate Yacht Club.

The club and the team now get to choose the site of the next race in spring 2013.

“We believe there’s no better place on earth than San Francisco Bay to defend the America’s Cup and bring millions of new fans from around the world to the oldest international sailing competition,” Mayor Gavin Newsom said in a statement Tuesday.

Newsom and several members of the Board of Supervisors on Tuesday submitted to the board a formal term sheet outlining the city’s proposals for the race, including a venue plan, financial terms, sponsorships, a schedule and event plans.

City officials believe the race could bring $1.2 billion and more than 9,000 jobs to the local economy.

The mayor’s office said the event would also be a catalyst for repairing city piers along the bay waterfront.

The city has garnered support for the event from state, regional and local governmental agencies, as well as business and environmental groups, the mayor’s office said.

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