Business Retention and Development Committee Agenda and Packet 2014 08 04

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Business Retention & Development Committee Meeting Minutes July 7, 2014 Page 2of 4 Vacancy rates were discussed. Commissioner Menaker feels that the CTC development is very desirable due to its proximity to NW Parkway. There are large vacancies in the Centennial Valley area.However, Bestop has signed a lease for 120,000 sf of 333 Centennial which has not been reflected yet in the database. 2014 tax revenues are the best on record. Louisville is 8% above last year. Building use tax is down from 2013.There was discussion of sales tax and investment in retention versus capital improvements. DeJong discussed the Business Assistance Package (BAP) program. Since 2007, City Council has approved 53 BAPs. Of those, 39 have completed agreements. For every $1 invested in a retail BAP, $1.36 in new annual sales tax has been created. Council member Lipton asked how we are doing compared to other local communities. DeJong replied that on the industrial/commercial side, CTC is a quality flex space and Louisville is well positioned. On the retail side, it is still a soft market unless we can attract more people and jobs. On the office side, Louisville is a very suburban product. New, fast growing companies desire urban centers with higher density. DeJong observed that urban desire is cyclical and that Louisville well positioned geographically. Council member Loo asked if we have stopped incenting restaurants. DeJong said the climate is such that we don’t have to. Loo is concerned that Lafayette’s restaurant industry is booming. Commissioner Lathrop suggested promoting Centennial Valley through commercial broker networks and host a quality reception and tour. He asked why Bestop came here; we should investigate that and see if we can use their reasoning to attract other businesses. Chair Dalton suggested extending an invitation to Koelbelto come to a BRaD meeting DeJong reiteratedCouncil’s goals for Economic Development: Continue to facilitate redevelopment of Urban Renewal Area. Facilitate occupancy or redevelopment of the former Sam’s Club and adjacent area Adopt and implement a plan to increase downtown parking Improve business retention and recruitment activities Commissioner Menaker suggested DeJong have a travel and entertainment budget to allow the ED office to take business lunches. He believes the BAP program should continue. He also believes in maintaining strong relationships with the Stateand MetroDenver EDC. The Committee asked to see staff’s ideas for budgetitems to address the goals and go to City Council.