Home
BIG NEWS: Treasure Island Transfer Agreement PDF Print E-mail
Written by Mark C   
Wednesday, 16 December 2009

Press Release:  MAYOR NEWSOM AND U.S. SECRETARY OF NAVY ANNOUNCE AGREEMENT TO TRANSFER TREASURE ISLAND TO SAN FRANCISCO


SAN FRANCISCO, CA – 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.

Click "Read More" to continue...


“This agreement is good for the American tax payer, will create jobs in the San Francisco region and will effectively transition Treasure Island to productive civilian reuse,” noted Secretary Mabus.  Mayor Newsom expressed optimism that “having the terms of this conceptual agreement with the Navy in place will allow us to finalize our development plans and generate badly needed jobs in this difficult economic climate.” “Now that we know the basic terms of the Navy deal” Mayor Newsom continued “we can finally begin the hard work of making sure the City’s grand vision for Treasure Island can be realized.”

The City’s redevelopment plans for Treasure Island, widely heralded as one of the most environmentally sustainable development plans in US history, contemplate a mixed-use development containing a new commercial town center and neighborhood, 3 hotels and hundreds of acres of parks and open space
and will generate thousands of construction jobs annually for the 10-20 year life of the project and 3,000 permanent jobs.


Quote this article on your site | Views: 408 | E-mail

Be first to comment this article
RSS comments

Only registered users can write comments.
Please login or register.

Powered by AkoComment Tweaked Special Edition v.1.4.6
AkoComment © Copyright 2004 by Arthur Konze - www.mamboportal.com
All right reserved
 
[ Back ]
Newest Articles