San Francisco is officially moving ahead with its America’s Cup plans, even if the final agreement looked somewhat different than the first one proposed by race organizers.

The final investment in San Francisco’s piers and waterfront will be $22 million. For that money, however, the city hopes to partially revitalize the waterfront area that has been in need of repair for decades. The races are expected to draw throngs of spectators over the next two years, with the largest spectacles coming during the Louis Vuitton Cup races in 2013.

From the San Francisco Chronicle:

The deal is signed. Construction has started. Now the yachts have to roll in.

The America’s Cup, the international sailing race that will come to San Francisco this year and next, got a ceremonial welcome from a fleet of city and America’s Cup leaders on the waterfront Friday.

Read the full article here.