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Old Posted Dec 16, 2009, 5:37 PM
BTinSF BTinSF is offline
Join Date: Jun 2006
Location: San Francisco & Tucson
Posts: 24,088
How much is fair market value for the whole of Treasure Island? The Navy has said $240 million, while in the effort to completely redevelop the former naval base as a sustainable pedestrian community, San Francisco says $11 million. And thus stalling of the sale for years. Now Mayor Gav's flown to D.C. to hammer out details with the Pentagon over a Treasure Island sale. Hopes were after President Obama was elected that the impasse would clear up, and that the president would simply gift San Francisco the naval base for the sake of moving the economy along. That didn't happen, but after the usual Washington to-and-fro, lawmakers ended up with a compromise idea: San Francisco would make a small payment up front and then pay the Navy more money later as profits from land sales and developments roll in.
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