City Council Study Session Agenda and Packet 2019 08 13

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SUBJECT: DISCUSSION - CITY OF LOUISVILLE ECONOMIC VITALITY STRATEGY OUTLINE DATE: AUGUST 13, 2019 PAGE 2 OF 3 The data developed in this study would be designed to serve as a "base" for current understanding as well as designed to support future updates. Recent undertakings by the city including the McCaslin Parcel 0 Redevelopment Study would be utilized in this effort, along with other pertinent work locally and regionally such as the Boulder Retail Study. Staff anticipates Louisville businesses, community members and staff would have a role in the development of the plan. The expected output would be a set of strategic priorities to be adopted by City Council along with a detailed implementation plan Potential next steps include the development of a scope of services/RFP for an economic vitality strategic plan and return to the City Council for approval prior to issuing a RFP. For reference, please see attached other economic development strategic plans completed by municipalities in the Front Range. Additionally, please find a review of the City's current Economic Prosperity Program provided in 2018. Proposed Timeline: Staff would like to retain a consultant and/or facilitator in time to begin the market analysis process in September 2019 and complete the strategic planning in early 2019. FISCAL IMPACT: There are numerous consultants who provide municipalities support in developing economic vitality strategic plans. The range of assistance depends on the scope of the strategic plan — from one that might include extensive community input and engagement to a plan that is generally focused on City Council efforts. Broader community engagement requires a more complex and involved process, a longer period of time, and more public meeting facilitation and therefore is more costly. Estimates for a plan as described above with market work and a facilitated plan process are likely in the $50,000 to $75,000 range. Without the facilitation piece it would be less, likely reduced by $10-$15,000. A budget amendment would be necessary to address the costs needed to assist with the strategic planning process. DISCUSSION: Some questions for further discussion: 1) Are there economic development/vitality strategic plans that you like? 2) Who should be involved in the development of the plan? 3) Questions/comments on the plan as outlined above? 4) Preference for a 3rd party facilitator or staff facilitation? 5) What additional information would be helpful in the drafting of the plan and strategic priorities? ATTACHMENTS: CITY COUNCIL COMMUNICATION