Business Retention and Development Committee Agenda and Packet 2016 11 07

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SUBJECT: DATE: BRAD COMMITTEE RESTRUCTURING DISCUSSION NOVEMBER 7, 2016 PAGE 3 OF 3 health of the City than the taxes generated by the City's residents. Thus, policy making to encourage greater economic activity can have a significant impact on future revenues to the City. Policy making through the Comprehensive Plan, Small Area Plans, and development proposals are focused on the desires of Louisville's residents, which may be different than the interests of commercial property owners, primary employers, and retailers, because their motivations are different. Economic activity is increased through investing in the community. Allowing property owners to re -think their properties could encourage more investment and increase economic activity. Input from the business community is needed to recommend policy decisions to encourage additional investment and economic activity. Potential Solution Staff believes input on Economic Development should come directly from the business community from people that have the expertise and experience to provide input into city decisions that affect economic opportunity in Louisville. Currently, the input is coming from and facilitated through the City as described above. Louisville businesses and property owners stand to benefit from business friendly policies and decisions, yet the current input structure doesn't have many of them 'at the table'. To have the input come from the business community, other communities have a separate economic development entity that seeks out the opinions of property owners and primary employers regarding policies or opportunities. These entities are generally City supported (through partial funding). The City then receives this input and City Staff pursues solutions to address the input. In Boulder for instance, the Boulder Economic Council (a component of the Boulder Chamber of Commerce) is responsible for engaging the business community and relays the economic outlook, challenges, and opportunities to the City. This is then relayed to City Staff (in frequent and consistent meetings) for them to analyze and develop potential solutions. This structure is implemented in many communities within the Metro Denver region including; Boulder, Longmont, Arvada, Fort Collins, and Aurora. The key to these economic development structures is the businesses give their input to a business related organization not within the city government and then that entity advocates on their behalf. Businesses generally do not have staff to lobby for governmental changes individually; the economic development entity does so on their behalf as a group. RECOMMENDATION: Staff encourages the BRaD Committee to discuss the information and provide input to options in restructuring the Committee to provide better input on economic development to City Council. BRAD COMMUNICATION 9