Business Retention and Development Committee Minutes 2008 02 04

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City Council Business Retention & Development Committee Meeting Minutes February 4, 2008 Page 2 of 3 He reported that there will be a $500 Valentine’s Day drawing that will include five additional prizes donated by local businesses. In addition, there will be a “merchant of the month” highlighted on the SL web site and cross promoted in the Louisville Times. Fleming stated that the City’s hope is that the money the City provided in 2008 will be seed money and that in 2009 the business community will take over the program. Pritchard asked how the program will be advertised at local events; noting the need to leverage these events to get the word out about Shop Louisville. Hogan reported that the SL subcommittee would be meeting later that day for its first quarter planning meeting. These meetings will be used to help plan and organize the program throughout 2008. Special events will be addressed at the meeting. METRO DISTRICT OVERVIEW Rick Brew of RMCS gave a presentation outlining the process and function of a metro district noting that his company hopes to implement a district for its Takoda Village development. Forming such a district would allow for the developer to bond for additional financing. He noted that they plan to ask the City Council for approval of a district this year. Brew stated that the use of a district would mean that property owners within the district will pay higher property taxes to pay off bond debt for the development. As such, he noted that it is likely that home prices in the development would need to be less than in surrounding developments to help offset the higher taxes. He noted that property taxes, while higher compared to others, are tax deductible. He noted that with lower prices for homes and the tax deduction, he did not feel the higher taxes would be a deterrent to selling the homes. Hogan noted that sometimes these districts are perceived as giving extra money to developers so that this development would have to show people that this is not the case. Brew stated that he sees this as securing financing for a quality development and they hope to create a package that would benefit both residents and the City. REVIEW AND ADOPT 2008 WORK PLAN Hogan presented the 2008 work plan that was based on discussion of the Committee at the January meeting. Hogan asked the Committee to affirm the work plan for 2008. Pritchard moved to adopt the plan as presented. Krueger seconded the motion. It was passed unanimously. RETENTION VISIT UPDATES AND FOLLOW-UP Hogan reported that she and Muth are working on a list of businesses to visit in 2008. As soon as that list of confirmed Muth will begin assigning City Council and BRaD members based on schedules and availability. Visits should begin by April. JANUARY ECONOMIC DEVELOPMENT BRIEFING Hogan gave a brief update on her economic development activities in January.