The leaders of San Francisco have spoken, and they’re saying “Twitter, please stay!” City Hall has unveiled a tax break plan to incentivize Twitter to move its office to a new area of town rather than look outside city borders. However, Twitter isn’t too happy about the offer, as the company was reportedly looking for more. Could this mean Twitter’s days as a San Francisco icon are numbered?
The San Francisco Chronicle reports that the San Francisco City Hall is offering all businesses who relocate to a specific area of the city – along Market Street and part of the Tenderloin – tax incentives. Specifically, they would be exempt from the city’s payroll tax for any new employees hired, for the next six years.
This offer isn’t going out to Twitter alone. The city is hoping to entice other businesses to relocate to that area as well, in an effort to inject some money and life into a once-rundown part of town.
However, the online newspaper SF Appeal reports that Twitter was looking for something bigger.
Twitter apparently asked for an eight year break from payroll taxes, as opposed to the six on the table. However, Twitter is keeping quiet on any other parts of the deal they hoped for that didn’t go through.
This is an interesting development to keep an eye on, as Twitter prepares to expand offices to accommodate its growing workforce. The company might move to Market Street in the end, or it might move to Brisbane, California as rumors suggested a few month ago.