irene. on Flickr
Our Mayor's paying the Navy $105M for a big pile of rocks in the middle of the bay. Someone in the Navy thinks they're pretty smart to get that agreement for a percentage of "potential profits."
San Francisco's Mayor Gavin Newsom's Blog: Mayor Newsom and U.S. Secretary of Navy Announce Agreement to Transfer Treasure Island to San Francisco: "Secretary of the Navy Ray Mabus and San Francisco Mayor Gavin Newsom announced today that they had reached a broad outline of terms for the conveyance of former Naval Station Treasure Island from the Navy to the City’s Treasure Island Development Authority. 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."