Economic Vitality Committee Agenda and Packet 2020 05 06

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Economic Vitality Committee Minutes April 13, 2020 Page 2 of 5 • Initial program funding of $250,000 from the General Fund Chair Dickinson said Council seemed unanimous that the $250k is a reasonable amount for the program • Applicants must be licensed brick-and-mortar businesses within Louisville Chair Dickinson said Council instructed that brick and mortar businesses outside of one’s home would be considered • Applicants must be current on all City accounts at time of application (such as remittance of Sales Tax) Applicants must be current on sales tax. Mayor Stolzmann said this is an important item as businesses hold sales tax in public trust. Director Pierce said to clarify, businesses should be current on all City accounts as of the day they apply; this also will be an incentive to get current • Information provided should be as of or beginning on March 10, 2020, the date of Colorado’s State of Emergency Declaration The business had to be in existence as of March 10th • Business must have fewer than 50 employees (total headcount), or 25 FTEs There was discussion as to whether this was an “either or” – fewer than 50 or 25 FTEs? Since the program targets small businesses, the Committee recommended eligibility is for 25 FTEs or fewer. The application asks for employee count as of March 10th Conditions of the grant program must be laid out to allow staff to perform this efficiently without having too many subjective conditions. Director Pierce said we will have narrative to the business community explaining the program rationale. Rick Kron, President of Downtown Business Association commented that requiring tax documentation and tax returns are a bad idea. This would be a problem for businesses from a competitive standpoint. And makes the documents a public record. Brian Topping said to make sure members of public are seeing that grants are going to right businesses. As a resident, I feel if you are on your last legs, you won’t worry about tax records being public record.