Gavin's coming home with Treasure Island under one arm. According to a press release from the Mayor's Office: "The terms of the agreement include a guaranteed payment to the Navy of $55M followed by an interim payment of another $50M, plus an additional share of potential further profits." The down payment alone is more than triple the city's original offer of $14 million, and more than double an independent appraiser's $22 mil valuation. Hey, it's an island.
· Mayor Newsom and U.S. Secretary of Navy Announce Agreement to Transfer Treasure Island [Mayor's Office]
· The Gav's in D.C. to Buy One Last Holiday Gift: Treasure Island [Curbed SF]