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SUBJECT: BUSINESS ASSISTANCE PROGRAM REVIEW AND ANALYSIS <br />DATE: MAY 6, 2019 <br />PAGE5OF5 <br />Overall, the program has encouraged significant job growth, new sales tax revenue, and <br />investments in property in the community. The program has provided more assistance <br />to retail projects, but long-term retail projects provide an on -going source of revenue to <br />the City. The incentive per job of $366 to encourage primary job growth is an excellent <br />value given the benefit high -paying jobs provide to the economic condition of the area. <br />The paid incentives leverage a significant amount of improvement to property. These <br />improvements boost the property tax revenue to the City, School District, Boulder <br />County and Louisville Fire Protection District. <br />There are 54 active or complete Business Assistance Packages approved by the City <br />Council since 2007. These BAPs have resulted roughly $2,692,140 in total incentives <br />paid by the City, generate roughly $1,038,000 annually in new sales tax revenue to the <br />City, have stimulated over $74 million in new private capital investment, and helped <br />create or retain 3,400 jobs, with almost 84% of those jobs paying an average wage of <br />about $86,000 annually. <br />FISCAL IMPACT: <br />Because all financial assistance under the program is a rebate of taxes and fees paid, <br />the City has no annual budgeted amount for the program and incentives are intended to <br />be offset by the additional revenue resulting from business retentions, expansions or <br />relocations that happen in Louisville. <br />RECOMMENDATION: <br />Staff would like the BRaD Committee to discuss the BAP program and its results. <br />ATTACHMENT(S): <br />1) Staff Presentation <br />2) Business Assistance Policy, Section 3.24 of the Louisville Municipal Code <br />3) Current BAP Application Form <br />CITY COUNCIL COMMUNICATION <br />