[CPEO-MEF] REUSE: Treasure Island (CA) needs cash

[Lenny Siegel <lsiegel@cpeo.org>]

Shortfall could scale back Treasure Island plans

John Coté
San Francisco Chronicle
January 15, 2010

San Francisco's grand vision for a cutting-edge green community on 
Treasure Island is at least $60 million short of being financially 
feasible, despite officials' assurances that the project is supported by 
revenue projections.

The city's plan is $60 million to $90 million shy of the projections 
needed to have private developers and the Navy agree to the deal to 
transform the former naval base into San Francisco's newest 
neighborhood, The Chronicle has learned.

If unaddressed, the shortfall threatens to unravel a complex deal almost 
15 years in the making. The developers and city officials both say the 
gap is bridgeable, but cost-cutting options discussed at a closed-door 
Treasure Island Development Authority board briefing this week will 
probably be controversial.

...

For the entire article, see
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/01/15/MN331BI91F.DTL

--


Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org



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