Rumors have been swirling about where Twitter will relocate to when it grows out of its current office space. The time is nearing, and San Francisco has been doing everything it can to try to keep the growing company within its boundaries. And it looks like they’ve done something right – Twitter has signed a Letter of Intent to stay in San Francisco as long as a proposed tax break goes into effect.
Those hoping for Twitter to relocate to their hometown will be disappointed by the news, but San Francisco’s mayor and representatives must be ecstatic.
According to ABC News, Twitter has sent a Letter of Intent to stay in San Francisco and likely relocate to the Mid-Market area that San Francisco has desperately been trying to stimulate.
ABC News reports that Twitter wrote to the mayor:
“San Francisco would cost TWitter more than $30M over 5 years in incremental rent, taxes, and other expenses compared to moving the company out to the peninsula.”
However, the company goes on to say that it will stay, and likely relocate to Market Street, if San Francisco’s Board of Supervisors approves a payroll tax exemption currently being debated.
The proposal would see any company, including Twitter, which relocated to the Mid-Market area get an exemption from the city’s 1.5% payroll tax for any new workers hired in the next 6 years.
The Board of Supervisors still has to meet at least once more to discuss the payroll tax break, but Twitter’s letter of intent is an encouraging sign.