Treasure Island Development Agreement – A Comprehensive Guide
Treasure Island, a man-made island located in the San Francisco Bay has been a hotbed of development activity in recent years. The Treasure Island Development Authority (TIDA), a joint venture between the City and County of San Francisco and the U.S. Navy, was established in 2003 to oversee the development of the island. The TIDA`s primary objective is to transform Treasure Island into a sustainable and vibrant community that provides affordable housing, commercial space, public amenities, and parks to the city`s residents while creating jobs and opportunities for local businesses.
The Treasure Island Development Agreement (TIDA) is a legal agreement signed between TIDA and Treasure Island Community Development (TICD), a development team led by Lennar Urban, a real estate development company, to oversee the development of the island. The agreement sets out the terms and conditions under which TICD will develop and manage Treasure Island over the next 20-30 years.
The TIDA is a comprehensive document covering every aspect of the development process. It provides for the zoning and land use plan for the island, affordable housing requirements, environmental reviews, and approval processes. The agreement also outlines the timeline for the development process, including the obligations of the developer and the government.
One of the key aspects of the TIDA is the creation of affordable housing. The agreement mandates that 25% of the housing units built on the island must be affordable to low and moderate-income households. The affordable housing units will be scattered throughout the island and will be indistinguishable from market-rate housing.
The TIDA also provides for the creation of public amenities and open spaces. The island has a total area of 404 hectares (1,000 acres), of which 260 hectares (640 acres) will be dedicated to public open space. This includes parks, beaches, trails, and other recreational facilities.
The development of Treasure Island is also subject to stringent environmental regulations. The TIDA requires the developer to conduct extensive environmental reviews and remediation work to ensure that the island is safe and habitable. The developer is also required to use sustainable building practices and materials to minimize the impact of the development on the environment.
The TIDA also provides for a rigorous approval process. The developer must seek approval for each phase of the development process from various government agencies, including the TIDA, the San Francisco Planning Department, and the Board of Supervisors.
In conclusion, the Treasure Island Development Agreement is a comprehensive document that outlines the terms and conditions under which the development of Treasure Island will take place. The agreement provides for the creation of affordable housing, public amenities, and open spaces, while ensuring that the development is environmentally sustainable. The agreement also sets out a rigorous approval process that protects the interests of the government and the residents of San Francisco.