From: Mercury News

Associated Press
Posted: 08/18/2010 06:33:54 AM PDT

SAN FRANCISCO -- The deal has been signed to transfer man-made Treasure Island in the middle of San Francisco Bay from the Navy to San Francisco.

House Speaker Nancy Pelosi, Mayor Gavin Newsom and Navy Secretary Ray Mabus signed the transfer agreement on Tuesday. In includes a section of neighboring Yerba Buena Island.

Payments to the Navy could rise to $105 million, funded by private companies and revenue from developing the former Navy base into a model 21st century neighborhood.

Official transfer of the 400-acre island isn't expected until spring, when environmental reviews and project approvals are completed.
Developers plan about 8,000 homes, a 60-story skyscraper, three hotels and 300 acres of open space. A new ferry terminal and shuttle buses would connect the community with the city.