This resolution extends the rental housing agreement for Treasure and Yerba Buena Islands by 10 years, lasting until June 30, 2034, with an option to extend for an additional three years. It involves the Treasure Island Development Authority and the John Stewart Company.
Resolution approving the seventh amendment to the Sublease and Property Management Agreement for Treasure and Yerba Buena Islands Market Rate Rental Housing between the Treasure Island Development Authority and the John Stewart Company to extend the term by 10 years from June 30, 2024, for a total term of July 1, 2014, through June 30, 2034, with a three year option to extend.
How it got here
The legislation originated from the need to extend the management agreement for market-rate rental housing on Treasure Island due to ongoing redevelopment efforts and delays in Navy remediation.
The Board authorized the establishment of the Treasure Island Development Authority (TIDA) to oversee the redevelopment of Treasure Island, a former military base.
The Board approved the Disposition and Development Agreement (DDA) for the Treasure Island/Yerba Buena Island Development Project, which included a housing plan for residents.
TIDA issued a Request for Proposals for a new Sublease and Property Management Agreement for market-rate rental housing on Treasure Island.
The Authority approved the Sublease and Property Management Agreement with the John Stewart Company for managing 556 housing units.
TIDA Board approved the Seventh Amendment to extend the management agreement by 10 years due to delays in Navy remediation and ongoing redevelopment.
The Board adopted the resolution approving the Seventh Amendment to the Sublease and Property Management Agreement, extending the term to June 30, 2034.
Reconstructed from attached documents & the official record
