The San Francisco Planning Commission convened on July 4, 2025, to discuss significant developments regarding the Treasure Island and Yerba Buena Island project. The meeting focused on the project's unique financing structure and the extensive infrastructure investments required to transform the islands into a modern urban neighborhood.

Commission President Diamond opened the discussion by emphasizing the project's scale, with an estimated investment of $2.5 billion. He proposed an additional finding to be included in the development agreement, highlighting the necessity of this financing package due to the project's extensive infrastructure needs, including geotechnical preparations and utilities installation.

Commissioner Koppel expressed gratitude for the project's design and its potential to promote local economic growth. He noted the project's commitment to using local suppliers and providing job opportunities for San Francisco residents, particularly through apprenticeship programs. Koppel moved to approve the project with the findings proposed by President Diamond.

Vice President Moore praised the project's complexity and the developer's commitment to achieving LEED Platinum certification, which signifies high standards in sustainable building practices. He requested that this certification be referenced in the findings.

The discussion also addressed concerns regarding the financing mechanism, specifically the Certificate of Participation (COP) program. Vice President Moore sought clarification on whether the financing would remain with the land or the development entities. City officials confirmed that the financing would be tied to the infrastructure improvements, ensuring that funds would only be disbursed after the developer demonstrated completion of specific work.

Commissioner Imperial raised questions about the financial feasibility of the project, particularly regarding the timeline for tax revenues to return to the city. City officials assured that the project would generate sufficient net revenues to cover debt payments over time.

The timeline for affordable housing construction was also discussed, with TIDA Director Robert Beck stating that the senior and behavioral health buildings are expected to be completed by the end of 2026, while the family building is slated for completion in 2028.

After thorough deliberation, the commission unanimously approved the project, including the proposed amendments and findings. The meeting concluded with a brief recess before continuing with the agenda. The successful approval marks a significant step forward for the Treasure Island development, promising to bring new housing and community facilities to the area.