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Uploaded on Aug 18, 2010
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.