Today Mayor Edwin M. Lee, Westfield Group and Target marked the start of major improvements to revitalize Metreon in downtown San Francisco. The project includes a new 85,000 square foot CityTarget store, a new “Dining Terrace” overlooking Yerba Buena Gardens, dozens of new retailers and eateries, and major improvements to the AMC Theatres and Westfield’s City View event space. The project is expected to create 600 construction and 700 permanent jobs, both with resident local hire goals of 50 percent. The Metreon project is projected to generate $15 million in tax revenue a year through sales and real estate taxes, with more than $4.4 million a year going to the City.

“This is the perfect example of smart redevelopment that works,” said Mayor Lee. “At a time when growing our economy is a top priority, the Metreon project will create hundreds of new jobs, generate millions in tax revenues, and will be the home of the City’s first Target Store. I am proud to kickoff the start of this significant project.” Read more.

Mayor Edwin M. Lee today announced that the City is expanding summer youth programs and opportunities through partnerships with the San Francisco Unified School District (SFUSD), Department of Children Youth and their Families (DCYF), Recreation and Park Department (RPD), and the San Francisco Housing Authority (SFHA) to keep youth engaged and learning over the 2011 summer months. The last day of public school is May 27, 2011. 

“Offering meaningful and engaging learning opportunities for our City’s youth during the summer months is critical to supporting families in our communities,” said Mayor Lee. “In addition, the programming we are announcing today will help ensure that our young people will continue to receive the education they need to succeed in school and in their future.” Read more.

Financial Plan Outlines Strategies to Restore Structural Balance to City Budget

Mayor Edwin M. Lee today introduced the first-ever proposed five-year financial plan for San Francisco. The five-year financial plan is a key part of a set of financial reforms designed to move the City toward longer-term financial planning and budgeting, and away from the short-term decisions that have led to repeated annual budget deficits.

“I believe we have the tools at our disposal to bring our budget back into structural balance and stabilize our City’s finances if we are willing to make the right decisions. This plan presents a high-level road map to achieve these goals,” said Mayor Lee. “This plan shows us that there are challenges ahead. But I believe it should be a source of optimism. If we can hold ourselves to a new standard of fiscal discipline in the coming years, we can restore stability to our City finances and escape the cycle of large deficits year after year.” Read more.

Mayor Edwin M. Lee today presented his proposed balanced budget for six City departments totaling $1.6 billion. The initial proposed budget that is due on May 1st every year focuses on six enterprise departments, which are agencies within City government that generate their own revenue or are funded with special funds, rather than by general fund revenues.

“This May 1st budget proposal focuses on our enterprise departments and is the first step in crafting a balanced budget for the coming year that will keep our City safe, solvent and successful,” said Mayor Lee. “There is much more work to be done in the coming weeks. While our economy is slowly stabilizing after the sharp downturn over the past several years, we must continue working to steer the City back toward long-term economic and financial stability. Investments in transportation and infrastructure, utilities, the Airport and the Port are critical for creating thousands of jobs today and critical for our City’s tomorrow.” Read more.