Mayor Newsom Announces Agreement to Transfer Treasure Island to San Francisco

Newsom_treasuer_island 12/16/09 – Secretary of the Navy Ray Mabus and San Francisco Mayor Gavin Newsom announced today that they had reached a broad outline of terms for the conveyance of former Naval Station Treasure Island from the Navy to the City’s Treasure Island Development Authority. The terms of the agreement include a guaranteed payment to the Navy of $55M followed by an interim payment of another $50M, plus an additional share of potential further profits. The agreement also requires the inclusion of transactional protections customary in the private sector for these types of transactions. Specifics of the deal will be worked out as quickly as possible. Read more

Posted on December 17, 2009 | The comments to this entry are closed.