Supervisors endorse Treasure Island plan in principle, attach conditions on transport funding and resident protections

A joint meeting of the San Francisco Board of Supervisors’ Budget & Finance and Land Use & Economic Development committees moved Wednesday to endorse the Treasure Island development plan and term sheet, but only after attaching a package of conditions aimed at protecting city finances, clarifying transportation governance and preserving housing for current island residents.

The committee’s action, taken after more than four hours of presentations and public comment, asks that the Treasure Island Development Authority and Treasure Island Community Development (TICD) secure or identify state legislation or an alternative that implements the plan’s congestion- and parking-pricing tools without relying on San Francisco’s general fund. The committee also required that the final disposition and development agreement (DDA) include a transportation plan that has been reviewed and approved by the Board of Supervisors or its designee and that the DDA’s fiscal analysis reflect municipal and county costs and sensitivity testing of key assumptions.

"Our job with public-private partnerships like this is to try to create the greatest public benefits possible at the same time minimizing the risk of an adverse impact to the general fund," Michael Cohen said in introducing the plan. He told supervisors that the plan embeds public benefits into infrastructure costs so those benefits must be delivered before TICD receives a return.

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