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<br /> <br /> <br /> <br /> <br /> <br /> <br />ECONOMIC VITALITY COMMITTEE <br />SUBJECT: DISCUSSION- ECONOMIC VITALITY STRATEGY <br /> <br />DATE: FEBRUARY 5, 2020 <br /> <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br /> <br />SUMMARY: <br />One of the high priority items on City Council’s 2020 Work Plan is development of an <br />economic vitality strategy that outlines goals and implementation steps. With input from <br />Council discussions that took place late last summer and an understanding of our <br />existing programs and practices, staff has created a draft strategy for the Economic <br />Vitality Committee to consider. This strategy matrix was reviewed in January. <br /> <br />The draft matrix contained five plan Goals. These are intentionally broad in nature— <br />stating what we hope can ultimately be achieved by the individual and more specific <br />Supporting actions. Goals are more “visionary” in nature, as the Supporting Actions <br />needed to achieve them may also be accomplished and replaced with new or refined <br />Goals over time. Staff recommends limiting the number of plan Goals to between five <br />and seven, so that we are focused on those items that the Council truly considers <br />strategic. <br /> <br />The original draft Goals included: <br />1. Grow our local economy and create sustainable revenue by supporting retail <br />business growth, high quality jobs, and an entrepreneurial environment. <br />2. Be dynamic and proactive to assert a competitive stance in the Denver Metro <br />and Boulder County markets. <br />3. Improve the City’s reputation as a place to do business. <br />4. Support revitalization of our community through public investment in targeted <br />areas. <br />5. Further enhance Louisville as a visitor destination. <br /> <br />The Committee submitted feedback to facilitate a next discussion to refine the Goals, <br />which included: <br />• Specify that the City will invest in projects that have a positive long-term impact <br />on the City budget <br />• Add more emphasis to high quality jobs in the community <br />• Add focus on environmentally sustainable practices <br />• Discuss how to provide a focus on companies that have socially conscious <br />products and services <br />• Incorporate language about innovation in addition to entrepreneurial activity <br />• Enhance how economic vitality actions are intertwined with community building <br />(creating a sense of place) <br />• Eliminate growth as part of Goal #1 <br />Packet P. 7