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." Read more.