Mayor Edwin M. Lee announced that the Silicon Valley Leadership Group awarded San Francisco with a Business Retention and Expansion Award for its economic development and job creation policies in the City’s Central Market and Tenderloin neighborhoods. The Turning Red Tape into Red Carpet inaugural event recognized the Central Market and Tenderloin Payroll Expense Tax Exclusion as an economic development initiative that resulted in retaining and growing existing businesses within a community.
“I am pleased that our job creation and economic development efforts in the Central Market and Tenderloin neighborhoods are being recognized for not only growing businesses, but also for benefiting the Central Market community,” said Mayor Lee. “What began as a conversation with Board President David Chiu, Supervisor Jane Kim and Twitter has turned into a policy that is transforming neighborhoods. This award from the Silicon Valley Leadership Group recognizes the hard work and commitment from both the public and private sectors that has resulted in 17 new companies, 13 new small businesses and six new arts venues that have moved to the area as part of our revitalization efforts.”
The Central Market and Tenderloin Payroll Expense Tax Exclusion was honored because of its success in attracting highly talented businesses to the Central Market, and its requirement that large employers commit to supporting community improvement efforts. The tax exclusion has generated new jobs and revenue and brought small businesses and arts organizations for the entire City to enjoy. This award recognizes that the tax exclusion is an example of how the City has worked collaboratively with businesses, community-based organizations, property owners, and area residents to catalyze meaningful change.
About SVLG Turning Red Tape into Red Carpet Awards
Turning Red Tape into Red Carpet is a competitive award program that honors the best practices and innovative services of government entities in the Silicon Valley region. A Red Carpet (Blue Ribbon) Committee reviewed and awarded local governments and special districts as “Red Carpet facilitators.” The program is a contest to review and select government agencies for doing a better job of serving their citizens and that foster an environment for private sector job creation. It is a strategy where the business community (The Leadership Group in partnership with other business associations in the region) recognizes good public projects.
About the Central Market
The Central Market is a vital segment of the urban core of the San Francisco Bay Area. The commercial district sits adjacent to a dense collection of established and emerging mixed use neighborhoods: the Tenderloin, Civic Center, South of Market, and Union Square. Historically the district has served as a regional center for the arts, entertainment and discount retail. In the last several decades Central Market struggled with high vacancy rates, a lack of private investment and blight amidst social challenges. Yet over the past nearly three years, Central Market, aided by the leadership of the Mayor and investment from the private and public sectors, has undergone extraordinary physical and economic changes that have attracted new residents, businesses, shoppers and visitors to the area. For more information about the transformation, go to: http://oewd.org/Central_Market.aspx.