Economic Vitality Committee Agenda and Packet 2025 03 06

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Economic Vitality Committee Meeting Minutes February 21, 2025 Page 4 of 6 removed from the zone. She noted that the qualifying criteria for existing zones is not evaluated annually. Mayor Leh made a motion to recommend the proposed CHIPS Zone boundaries and application to City Council for further action. Councilmember Kern seconded the motion. Motion passed. 10. Louisville Economic Snapshot: Manager Zarate gave an overview of Louisville's Economic Vitality profile, including commercial real estate and vacancy rates, employment data, and community statistics. Councilmember Kern asked whether portions of Lafayette and Superior are included in the population statistic. Manager Zarate confirmed that areas of Lafayette and Superior that are included within the data boundaries are counted in the population. Councilmember Kern commented that the total population seemed high, even including portions of Lafayette and Superior. Manager Zarate clarified that the majority of the data is based off of US Census data. Councilmember asked which ages are included in the college education and income statistics. Manager Zarate responded that the education level typically includes those that could be in the workforce, beginning at age 18. She added that this is the same base number that is used for unemployment. Mayor Leh commented that the median disposable income seemed low when compared to the median net worth. He asked if this data is used to entice businesses. Manager Zarate confirmed that this data is typically given to businesses that may be considering Louisville, but noted that businesses often look at the median household income rather than median net worth. She added that equity is also taken into consideration when considering net worth, rather than just the value of the house. Mayor Leh asked which of these figures are most significant to businesses. Manager Zarate responded that it can vary depending on who staff is working with. She added that industries tend to focus more on education level and workforce, while quality of life businesses generally look at population and income. Public comment from Mike Kranzdorf: Mr. Kranzdorf asked who makes up the roughly 25 percent that is unaccounted for in the commuting statistics. Manager Zarate responded that this likely reflects respondents that skipped this question, as well as employees working from home. Mayor Leh asked whether this information would be available on the website. Manager Zarate confirmed that this can be posted on the website. Mayor Leh added that this information can be important for both businesses and residents.