City Council Study Session Agenda and Packet 2012 02 13

Home Browse Search

PAGE FOUR SUBJECT: DISCUSSION — BUSINESS ASSISTANCE PROGRAM DATE: FEBRUARY 13, 2012 Closing Thoughts There will always be healthy debate on whether incentives are necessary, effective, and /or good for a community in the long term. But whether you agree with incentive programs or not, they are a fact of life today in this competitive environment. Our neighbors are offering them, and they are an expected part of any city's economic development activities. If it is any comfort, site selectors tell us (and our own experience backs this up) that the maximum amount of incentive offered is rarely paid. Often a modest incentive together with extraordinary service will be viewed as the best package. We need to be sure there is one message coming out of City Hall: that we support businesses, new and existing. Other non - monetary forms of support that can be influential in a business's location decision are the ready provision of information, a team mentality among City Hall staff, the ability to network and make profitable business connections, a good selection of physical sites, referrals for business advice, the ability to issue private activity bonds, and the city's plans for the extension of infrastructure (streets, trails, utilities, etc.). For the Council's information, here is the link to the program information we display on the website for applicants: http:// www. louisvillecolorado .biz/businessassistance.htm FISCAL IMPACT: Because all financial assistance under the program is a rebate of taxes and fees paid, the city has no annual budgeted amount for the program and incentives are intended to be offset by the additional revenue resulting from business retentions, expansions or relocations that happen in Louisville. RECOMMENDATION: Discuss the program and its effectiveness in Louisville. ATTACHMENTS: • BAP Summary 20