Treasure Island Transfer Agreement Signed
Mayor Gavin Newsom, Speaker Nancy Pelosi And U.S. Secretary Of The Navy Ray Mabus Endorse Terms Of Naval Station Treasure Island Transfer Agreement
Transfer of Treasure Island to San Francisco will clear way for environmentally sustainable development project, create thousands of permanent and construction jobs.
08/17/10- Mayor Gavin Newsom, House Speaker Nancy Pelosi, and U.S. Secretary of the Navy Ray Mabus today signed the terms for the conveyance of former Naval Station Treasure Island from the Navy to the City. The terms of the agreement include a guaranteed payment to the Navy of $55 million followed by an interim payment of another $50 million, 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. Led by Speaker Pelosi, the terms of the transfer were solidified in the 2010 National Defense Authorization Act.
“With the terms of this transfer agreement with the Navy in place, we take another major step towards realizing an environmentally sustainable new community on Treasure Island and the thousands of construction and permanent jobs it will bring,” said Mayor Newsom.
“Thanks to the agreement between the Navy and the city of San Francisco, we can now move forward on plans to build essential infrastructure, open space and parks, hotels and affordable housing for local residents,” said Speaker Pelosi.
“Here on Treasure Island, there is an opportunity to demonstrate what happens when sustainable development and energy usage is considered from the very beginning of a project. Here on Treasure Island, there is an opportunity to build a working model of the President’s new energy future,” said Secretary Mabus.
The City and its private sector development partner, Treasure Island Community Development, have worked together over the past decade to craft the redevelopment plans for what has been widely heralded as one of the most environmentally sustainable developments in U.S. history. These plans include a mixed-use development containing a new commercial town center and residential neighborhood with up to 8,000 new homes (30% of which will be below market rate homes including for hundreds of formerly homeless through the nationally-recognized Treasure Island Homeless Development Initiative), three hotels, and hundreds of acres of parks and open space. The project will generate thousands of construction jobs annually for the 10-20 year life of the project. Once realized, Treasure Island will generate over 3,000 permanent jobs.
A public hearing was held on August 12thth on the project-level Draft Environmental Impact Report being prepared to evaluate the proposed redevelopment plans and alternatives in accordance with the California Environmental Quality Act. Subject to environmental review and consideration of final project approvals, construction could begin as early as mid 2011.
Learn more about the Treasure Island development project here.