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No Money, No Prob: Buy Treasure Island on an Installment Plan

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Though there's no word yet on when bulldozers and cranes will ever arrive on Treasure Island, the Chron this morning has more about the deal to have the artificial island swap hands. The two-part payment of $105 million — $55M now, $50M later — will actually be more than two parts. The initial $55 million will be paid over several years, which suggests that the second half may also be paid in installments. That's probably a relief to the person in charge of the city's checkbook, given that we're facing a $522 million budget deficit next year. There's also an as yet unquantified amount that San Francisco's agreed to pay the Navy after the $105 mil, a sort of profit sharing agreement that would be "structured to allow necessary private capital to be invested in the project." Development plans should be wrapped up by 2010, after which we might look forward to those 6,000 new homes, 300 acres of open space, and new town center complete with 60-story high-rise — if we can wait that long.
· City to get Treasure Island for $105 million [SFGate]
· Breaking!: Gavin Nabs Treasure Island, to the Tune of $105 Million Plus [Curbed SF]
· The Gav's in D.C. to Buy One Last Holiday Gift: Treasure Island [Curbed SF]
· Treasure Island: Anti-Wind Street Grid + Mini-Telegraph Hill [Curbed SF]