Excerpt:

The City will be taking the helm of Treasure Island now that nearly two years of back-and-forth discussions about the Bay land are settled, putting a historic redevelopment project in motion.

Treasure Island, which was built from Bay dredge in order to host the 1939 Golden Gate International Exposition, was used by the Navy from 1941 to 1997.

Since the military ceased operations there, The City has been working to hammer out a deal to take control of the land and redevelop it, which would include thousands of housing units.

Today, Mayor Gavin Newsom will meet with House Speaker Nancy Pelosi and Navy Secretary Ray Mabus to announce the agreement. The project hung in the balance during negotiations between the Navy and the Treasure Island Development Authority, which is overseeing the project.