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SUBJECT: BUSINESS ASSISTANCE PROGRAM REVIEW AND ANALYSIS
<br />DATE: JUNE 7, 2019
<br />PAGE 4 OF 6
<br />• Jobs and wage data obtained from the State of Colorado's Quarterly Census of
<br />Employment and Wages (QCEW) data from year 2018. This information is
<br />confidential at the business level, but can be provided in aggregate to prevent
<br />distribution of information about a particular business. Some businesses that are
<br />in operation have not hit the database as of the end of 2017. Those businesses
<br />will likely show up in next year's reporting.
<br />This analysis is a snapshot of the program as of April 2019. Several projects have not
<br />begun or are in the middle of construction so the full effect of the projects have yet to be
<br />documented.
<br />The analysis separates the projects into retail and commercial categories, as a main
<br />goal of incenting retail is to encourage new sales in the community, and incenting
<br />commercial projects is to encourage high quality primary job growth. The following
<br />table outlines the critical data points associated with the projects offered assistance by
<br />the City.
<br />Table 1: Summary of Incentives and Benefits from Business Assistance Packages
<br />Incentives Paid
<br />Retained Jobs
<br />Created Jobs
<br />Total Jobs
<br />Total Annual Wages
<br />Average Wage/Salary
<br />Annual Sales Tax
<br />Permit Fees Paid
<br />Construction Cost
<br />Incentives per Job
<br />Annual Sales Tax $ per Ince
<br />Construction $ per Incentive
<br />Retail
<br />Commercial Total
<br />$ 1,638,891
<br />30
<br />517
<br />547
<br />$ 13,108, 972
<br />$ 23,987
<br />$ 1,038,533
<br />$ 445,111
<br />$ 15, 338, 309
<br />$ 2,999
<br />$ 0.63
<br />$ 9.36
<br />$ 1,053,248
<br />1,438
<br />1,442
<br />2,880
<br />$ 248, 573,164
<br />$ 86,310
<br />N/A
<br />$ 2,604,921
<br />$ 59, 508, 893
<br />$
<br />N/A
<br />$
<br />$ 2,692,140
<br />1,468
<br />1,959
<br />3,427
<br />$ 261, 682,136
<br />$ 76,370
<br />$ 1,038,533
<br />$ 3,050,032
<br />$ 74, 847, 203
<br />366 $
<br />N/A
<br />56.50 $
<br />786
<br />27.80
<br />For the retail projects, every dollar of incentives provided to the retail projects has
<br />leveraged $.63 of new annual sales tax revenue to the City. Total annual sales tax
<br />receipts to the City total $1,038,533. The retail projects have created 517 new jobs with
<br />an average wage of $23,987. These are typically part-time positions and wages tend to
<br />be lower in the retail sector.
<br />The commercial projects have retained 1,438 jobs and created 1,442 new jobs in
<br />Louisville, resulting in total employment from these projects of 2,880 jobs. The average
<br />CITY COUNCIL COMMUNICATION
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