Economic Vitality Committee Agenda and Packet 2020 05 06

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SUBJECT: ECONOMIC VITALITY STRATEGIC PLAN, NEXT STEPS DATE: MAY 6, 2020 PAGE 2 OF 3 Our local economy and small business community has been impacted in ways not easy to contemplate just a month or two ago, and so it is a good opportunity to make sure the Vision and Goals still feel long-term but feasible. The development of plan Measures is on hold currently, as staff is kicking-off the Key Performance Indicator (KPI) review process in May. Staff will share the components of the EVC plan at that time so that we can ensure we have KPIs that align with our new Goals. For the next stages of the planning process, we need to start to shift more into programs and actions that will support accomplishing the Goals over the next several years. Previously we discussed adding a level of “Objectives” between Goals and Supporting Actions. The EVC may also wish to contemplate a specific area of the plan or short-term actions specifically related to COVID-19 pandemics and economic recovery. Below is a brief list of actions or ideas that have been circulated (either by staff, Council, or residents), which can be considered. A similar list is being shared with the Louisville Revitalization Commission, as they plan to discuss additional items for their 2020 Work Plan related to pandemic impacts. • Louisville gift card program—originally contemplated by the Downtown Business Association for downtown only merchants, the City could undertake and administer a broader effort. The Downtown Boulder Partnership currently operates one such program. • Special event programming—businesses and entities may need special assistance in reprogramming or reformatting past local events to comply with new public health protocol. These event transformations might not be able to occur or occur successfully, without financial or planning assistance. One recent idea has been “Dining on Main Street” or how to utilize our public spaces to accommodate restaurants that will need to operate under social distancing requirements. • Business coaching and consulting—small businesses especially may need outside consulting or expertise in refocusing their business model or changing their operations (for the short- or long-term). Some consulting can be provided free-of-charge through entities like the Boulder Small Business Development Center (SBDC) or Boulder Chamber, but then Louisville businesses must compete for time and specificity with other county businesses. • Continued learning and development opportunities—the City has been offering or partnering to offer free learning resources to businesses during this difficult time. For example, we just wrapped-up Series 3 of a four-part webinar on “Thriving in Business Uncertainty” and next week we are offering a “Website 101” webinar for small businesses. Both of these learning resources are free and open to all Louisville businesses. Related to coaching and consulting activities, the City may