environmentally sustainable development project, create thousands of
permanent and construction jobs.
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. Read more.
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