Economic Vitality Committee Agenda and Packet 2025 05 08

Home Browse Search

LCityof Louisville ECONOMIC VITALITY COMMITTEE COLORADO • SINCE 1878 SUBJECT: SMALL BUSINESS PROPOSED BAP AMEDNEMNT DATE: MAY 8, 2025 PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER SUMMARY: The Economic Vitality team, through City Council, provides the business community with various incentives through the Business Assistance Program. In addition, the Louisville Revitalization Commission provides various incentives to businesses and property owners within the Highway 42 Urban Renewal Area boundaries. Incentives provided by the City of Louisville are performance and rebate based, providing positive direct and indirect impacts to the City of Louisville. The Economic Vitality team also works with partners across the state to gain designations for Louisville corridors and businesses. These designations typically allow businesses to gain access to tax credits or other incentives through state and/or federal partners. At the March 6, 2025 EVC Meeting, Staff provided an array of potential new incentives the City could explore. At this meeting, the members of the EVC expressed interest in a BAP amendment for small retail and restaurant businesses. This proposed BAP amendment would provide administrative incentive approvals for retail and restaurant businesses. This amendment is intended to incentivize active businesses that generate sales tax, to open and operate in our commercial corridors. Staff is proposing the following parameters for the amended Business Assistance Program for Small Businesses. Eligibility: • New and expanding businesses in the City of Louisville. • The total square footage of the business has to be 3,000 square feet or below and • Have no more than 5 locations. This eligibility will encourage local businesses to enter into our market and fill vacancies, and encourage the local business makeup that Louisville is proud of. Should a business have more than five locations, Council approval will be needed.