City Council Study Session Agenda and Packet 2019 08 13

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LCity�f Louisville COLORADO - SINCE 1878 CITY COUNCIL COMMUNICATION AGENDA ITEM II SUBJECT: DISCUSSION - CITY OF LOUISVILLE ECONOMIC VITALITY STRATEGY OUTLINE DATE: AUGUST 13, 2019 PRESENTED BY: HEATHER BALSER, CITY MANAGER STAN ZEMLER, INTERIM ECONOMIC DEVELOPMENT DIRECTOR SUMMARY: Through the City Council's ongoing conversations regarding economic development and the annual review process for the City Manager, City Council has expressed interest in developing an economic vitality strategy for the City of Louisville. In response, staff proposes discussion of the following process to provide a roadmap for economic success in the City of Louisville. Purpose/Desired Outcomes: Create a Roadmap The City of Louisville economic vitality strategic plan will help guide business and economic development efforts consistent with City Council economic prosperity program goals and objectives that build and sustain a broad and resilient tax base. The desired outcome will be a dynamic strategic plan that identifies the key priorities that the city will strive to achieve. These strategic priorities will guide the implementation of the plan. The plan will be dynamic, and the city will be able to update according to its accomplishments on an annual or bi-annual basis. A well -planned strategic planning process will ensure City Council and city administration are on the same page, and supports collaboration in reaching the completion of the strategic priorities. Serve as Communication Tool The economic plan will be a succinct and useful communication tool for the public to better understand the mission and strategic priorities around economic vitality for the city government. The public will gain a better understanding of where they may expect the city to focus efforts and direct resources in furtherance of the economic vitality strategic plan. Economic Vitality Strategic Plan Process: The study is intended to gain a deeper understanding of the current economic environment in the City of Louisville, including local, regional and other likely influences impacting the economy. This study would provide information on the local economic environment, industry trends, local policy approaches from peer cities and recommend policy direction that aligns with the City Council and community goals. CITY COUNCIL COMMUNICATION