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http://www.navytimes.com/news/2009/12/ap_navy_treasure_island_121709/
Navy, San Francisco reach Treasure Island deal
The Associated Press
Posted : Thursday Dec 17, 2009 5:28:39 EST
Posted : Thursday Dec 17, 2009 5:28:39 EST
SAN FRANCISCO — An ambitious development plan for Treasure Island is a step closer to reality after San Francisco and the Navy reached an agreement to transfer the island to the city.
Secretary of the Navy Ray Mabus and San Francisco Mayor Gavin Newsom announced Wednesday that they’ve reached a deal to turn the former Naval Station Treasure Island, as well as a section of neighboring Yerba Buena Island, over to San Francisco.
Michael Cohen, the head of the city’s economic development office, says San Francisco will pay $55 million over several years, plus another $50 million in what was described as an “interim payment.”
Development of Treasure Island includes a proposal to build 6,000 homes, three hotels, a new ferry terminal. Hundreds of acres of parks and open space would be set aside.
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