Mayor Edwin M. Lee today issued the following statement after the Board of Supervisors voted to approve the ordinance amending Article 12-A of the Business and Tax Regulations Code by adding Section 906.3 to establish a payroll expense tax exclusion for businesses located in the Central Market Street and Tenderloin Area:
“This moment represents a real step forward in the effort to revitalize and transform the Central Market area. Central Market and the Tenderloin have been burdened with high vacancies and blight for decades, and the Central Market / Tenderloin Payroll Tax Exclusion is a powerful tool that will help us bring in much-needed jobs, services and retail, as well as help enhance the growing arts district here.
I want to thank the Board of Supervisors in particular to Board President David Chiu and District 6 Supervisor Jane Kim for their efforts in building broad community support, and Supervisors Mark Farrell, Malia Cohen, Scott Wiener and Carmen Chu who joined in sponsoring this important legislation. I would also like to thank Twitter for making a commitment to remain in San Francisco and for their enthusiasm about joining our broad-based effort to revitalize Central Market and the Tenderloin.
This six-year payroll tax exclusion for new jobs created on Central Market Street and in the Tenderloin Area will create new jobs, generate revenue for the City and has the potential to create a new innovation cluster on Central Market. There is great synergy between Twitter and the arts organizations and small retail businesses who are looking to expand in the area. This new partnership with Twitter represents just one example of how the City can work collaboratively with businesses, community-based organizations, property owners, and area residents to catalyze meaningful change in this neighborhood.”
The Board of Supervisors will go through another reading of this legislation.