"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 statement announcing the deal with Secretary of the Navy Ray Mabus."
Treasure Island was built in the 1930s for the Golden Gate International Exposition and was later turned into a Naval base. The City has agreed to a $55 million guaranteed payment over the course of several years. The full cost could total about $105 million.