San Jose city officials are willing for forego nearly $1M a year in tax and parking revenue, it that's what it takes to fill up empty downtown office space.
The City Council has unanimously approved a leasing incentive program, effective on Jan. 1, that includes a two-year business tax exemption for new owner-operators and tenants that lease at least 2,500 SF of downtown office space for a minimum of four years.
The program also includes two free parking spots per 1,000 SF for the first two years, The Mercury News reported.
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