Treasure Island handover completed 

As Mayor Gavin Newsom noted Monday, he has been on a streak of mayoral golden moments over the last two months, but Tuesday was clearly an, errr, treasured one for him.

The mayor joined House Speaker Nancy Pelosi, and U.S. Secretary of the Navy Ray Mabus to sign off on the long awaited (nearly 20 years) and detailed agreement to transfer Treasure Island from the Navy into the hands of San Francisco. After years of back-and-forth disagreements a deal is done, with The Treasure Island Development Authority promising to pay the Navy $55 million followed by an interim payment of another $50 million, plus an additional share of potential further profits.

The three dignitaries took their turn at the podium, thanking one another and praising the pending redevelopment of Treasure Island that will be a sustainable community.

But the event didn't come without some political punches.

"When we finally got a president, and I'll be frank, who understood the vision of Treasure Island -- it shouldn't have been so hard to explain, but for some reason it was -- we were ready with the new leadership to capture the opportunity," Pelosi said.

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Staff Report

Staff Report

A daily newspaper covering San Francisco, San Mateo County and serving Alameda, Marin and Santa Clara counties.
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