The Islands Part 3 / Atlantis World West

[FOTD]

Talk about climategate! If Newsom & those clowns actually believe in global warming, why are they investing in an island that will be underwater in 50 years???  


City to get Treasure Island for $105 million
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/12/16/BA6R1B5BR3.DTL

(12-16) 16:21 PST San Francisco -- Mayor Gavin Newsom struck a deal today with the U.S. Navy to transfer Treasure Island to San Francisco for a $55 million guaranteed payment over several years, plus additional considerations that could make the total deal worth more than $105 million to the federal government.

The agreement paves the way for the city to undertake one of its most ambitious development projects - remaking the closed naval base on a man-made island in the middle of San Francisco Bay into a model of sustainable development.

"We can finally begin the hard work of making sure the city's grand vision for Treasure Island can be realized," Newsom said in a prepared statement announcing the deal with Secretary of the Navy Ray Mabus.

The agreement calls for the Navy to transfer almost all of Treasure Island and the northern portion of neighboring Yerba Buena Island - about 450 acres of land in all - to the city. Details of the handover will be negotiated over the next several months, Michael Cohen, head of the city's economic development office, said from Washington D.C.

The city agrees to pay $55 million guaranteed over several years, plus another $50 million payment that both sides described as an "interim payment." Cohen declined to discuss the details of that second payment, other than to say it "will be structured to allow necessary private capital to be invested in the project."

The Navy was also given what's typically know as an excess profits clause, where if the proposed development for the island performs extremely well, the navy will share in that profit.

The Navy agrees to cover the cost of environmental cleanup at the base, which closed in 1997. More than half of that cleanup has already been completed, and the remainder of the work, relatively speaking, is not very significant, Cohen said.

The city, facing a projected budget deficit of $522 million for next fiscal year, will use revenue generated from the development of the island to pay the Navy, Cohen said.

"With this agreement in hand, we would hope to have the development plans wrapped up by the end of 2010," Cohen said.

The redevelopment of Treasure Island calls for a new commercial town center and neighborhood, three hotels, a new ferry terminal and hundreds of acres of parks and open space.

The plan is for 6,000 homes to be created through private and public financing. Development partners Wilson Meany Sullivan, Lennar Corp. and Kenwood Investments will stake $500 million with the city providing an additional $700 million in bond money financed by property taxes collected once the development is completed. The initial $1.2 billion will pay for the project's infrastructure and some of the proposed housing.

Newsom's office says the project will create thousands of construction jobs annually over the next two decades and 3,000 permanent jobs.

"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," Mabus said.


Why can't we have something like this? That would show those Oklahomashittians....
Artie, run with this.

[Conan71]

No, 75% chance of being under water (or bankrupt) in 6 years.

[DM]

Talk about climategate! If Newsom & those clowns actually believe in global warming, why are they investing in an island that will be underwater in 50 years???  

They said the same thing about the Marina district. Even though a lot of it was destroyed in 89. They built it back. The places there are worth millions. Treasure Island would be a huge hit. Easily making the money they invest back. The only problem I see is its only accessable by car. Major bus routes and a ferry will need to be added. Would be nice if they would make a Muni line that ran under the Bay Bridge or something. New bridge on the Oakland side will just add to the value.

[azbadpuppy]

They said the same thing about the Marina district. Even though a lot of it was destroyed in 89. They built it back. The places there are worth millions. Treasure Island would be a huge hit. Easily making the money they invest back. The only problem I see is its only accessable by car. Major bus routes and a ferry will need to be added. Would be nice if they would make a Muni line that ran under the Bay Bridge or something. New bridge on the Oakland side will just add to the value.

The 108 Muni bus line already runs to Treasure Island from SF- 24 hours. Apparently a new ferry terminal is already in the works.

I would be more concerned of liquefaction in a big earthquake since the whole island is a landfill.

[ARGUS]

This needs to be MOVED to political talk or general discussion as it has ZERO to do w/ TULSA

[DM]

The 108 Muni bus line already runs to Treasure Island from SF- 24 hours. Apparently a new ferry terminal is already in the works.

I would be more concerned of liquefaction in a big earthquake since the whole island is a landfill.

I didnt know the about the bus line. Thats good. I was thinking a Muni rail line under the bay bridge. That would be awesome.

Alameda island is also surrounded by landfill. The core is solid but the old base and south side of the island is all land fill as well. Like I said, so is the Marina district in SF. Isnt the area where candlestick was at also a landfill? I cant remember. People will live anywhere as long as on the surface its nice. ha ha ha.

[azbadpuppy]

I didnt know the about the bus line. Thats good. I was thinking a Muni rail line under the bay bridge. That would be awesome.

Alameda island is also surrounded by landfill. The core is solid but the old base and south side of the island is all land fill as well. Like I said, so is the Marina district in SF. Isnt the area where candlestick was at also a landfill? I cant remember. People will live anywhere as long as on the surface its nice. ha ha ha.

A muni rail line would be awesome on the bridge. Yes, most of the Hunter's Point section of SF is landfill, as is much of the area around the South Park neighborhood where the ballpark is located.