The event, set to run from March 6-21, will "bring the racing as close as possible to land-based spectators".
Sir Ben Ainslie's Team UK are the first to launch a prototype but the Kiwis are taking a different tack.
The sailing duo said they wanted to be sure they could give their all in both events before committing.
Burling will replace Australian Glenn Ashby, who led Team NZ to victory last year.
Grant Dalton saying paying to watch the sailing "doesn't make sense to me as a Kiwi".
Team NZ's Sean Regan says that the awards should recognise the team, not just individuals.
Dalton told La Stampa that "grinders are coming back."
Blair Tuke, in particular, seemed to enjoy the chance to drop a few beats.
Burling was in his element as he respectfully accepted the challenge.
Good news, though, the Aussie says he is well settled in the country with his family.
New laws, a new boat design and other factors could see a different unit from the one in Bermuda.
The parade will finish with speeches in Civic Square.
To be fair, it's been nearly a week since the Kiwi hero has been on camera.
Burling again was quick to give credit to his team-mates for bringing the Auld Mug back to NZ shores.
For the first time since 2003 the Auld Mug is back in New Zealand.
Heather Burling was at Auckland Airport to welcome her son home and the rest of his team.
Lyn and John Ashby flew from Australia to see their son arrive home with the cup.
The funding matches a similar amount the Government put in to Team NZ following their heart breaking loss in 2013.
Team NZ's principal Matteo de Nora has revealed that the victorious Kiwi syndicate purposely hid their abilities in the starting box.
The Team NZ helmsman has raced in many different shaped and sized boats.
Fans will be line the Auckland CBD streets to see the sailors and the Auld Mug.
"I think their mums and girlfriends will go crook" said Glenn Ashby.
Glenn Ashby said beer tasted pretty good out of the Auld Mug, while Peter Burling said exhaustion was starting to set in.
"Every time we do a tack or a gybe or whatever, I've just been going 'hold on, hold on' and they have."
"I think more about the America's Cup than my family," said Jimmy Spithill.
Team NZ's helmsman Burling says tonight will be a massive night for his team in Bermuda.
Spithill just couldn't help himself at today's press conference.
Team NZ beat back all the odds to claim an historic and unlikely America's Cup win.
If you were worried Team NZ are going to blow it, well, watch this.
