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Economic Vitality Committee <br />Meeting Minutes <br />February 21, 2025 <br />Page 3of6 <br />is where the majority of semiconductor and advanced manufacturing industries <br />would likely locate within Louisville. Manager Zarate continued, adding that <br />Louisville is exploring incorporating other parts of the City into the existing North <br />Metro Enterprise Zone. She clarified that this could potentially include <br />downtown, South Boulder Road and the McCaslin Corridor areas. CHIPS <br />Zones and Enterprise Zones cannot overlap. <br />Mayor Leh asked if there was any information available regarding the <br />continuation of funding for CHIPS Zones. Manager Zarate responded that she <br />believes the funding should continue, and added that incentives available <br />through the program are usually in the form of tax credits for activities competed <br />the previous year. <br />Mayor Leh asked whether there were any particular areas of the application that <br />staff would like additional feedback on. Manager Zarate responded that she <br />feels the application is currently strong and didn't identify any areas for <br />additional feedback. <br />Councilmember Kern recommended that the memo to Council include <br />additional information on the North Metro Enterprise Zone and Louisville's <br />efforts to incorporate parts of the City into the zone. Manager Zarate confirmed <br />that staff will include this information and gave an additional update on timing, <br />noting that the Enterprise Zone changes would go into effect January 1. <br />Councilmember Kern asked for additional clarification on the differences <br />between CHIPS Zones and Enterprise Zones, and whether it's more <br />advantageous for certain businesses to be located in one particular zone than <br />the other. Manager Zarate responded that while the CHIPS Zone was originally <br />intended for semiconductor industry, it has since been expanded to include <br />advanced manufacturing. While both programs offer very similar tax credits, <br />Manager Zarate noted that in her experience it's often smaller businesses that <br />tend to take advantage of Enterprise Zone credits. <br />Mayor Leh asked for additional information on the process following approval, <br />including opportunities for recertification. Manager Zarate responded that <br />Enterprise Zones need to be updated at least once every ten years, and added <br />that eligibility may change due to changes in household incomes. Louisville is <br />currently eligible because of a decrease in population. The area can be <br />amended during the ten year period, but noted that it is typically done for small <br />areas and not to either insert or remove an entire community. <br />Councilmember Kern asked if there is a chance that Louisville could lose its <br />Enterprise Zone designation if the population begins to increase. Manager <br />Zarate responded that a community should not be removed from the Enterprise <br />Zone until the full ten-year designation, at which point Louisville could be <br />