Business Retention and Development Committee Agenda and Packet 2020 07 06

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Cxty0f ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1.878 SUBJECT: DISCUSSION/DIRECTION- LOUISVILLE'S RECOVERY & IMPROVEMENT PROGRAM PROPOSAL DATE: JUNE 19, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: At the May 6 and May 22 Economic Vitality Committee (EVC) meetings, the Committee discussed the City's current Business Assistance Program (BAP) and recent applicants, as well as asked staff to explore program alternatives focused on existing business retention and recovery from the COVID-19 pandemic. Below is a proposal for Louisville's Recovery & Improvement Program that would be run concurrently with the existing BAP, but with a different focus and funding. Staff will seek EVC input on this recommendation, which would then need to be advanced for City Council consideration. The potential program was also reviewed with the Louisville Revitalization Commission (LRC) at their June 10 meeting. The LRC felt their might be synergy to collaborate with the City on such a program, similar to the Emergency Solutions Grant process. However, the LRC is interested in having input into the specific program criteria. Staff will provide LRC members with the details to participate in the EVC electronic meeting. DISCUSSION/DIRECTION: Our existing assistance program (please see Attachment #1 for criteria and application) provides a structure to offer incentives to new businesses seeking to locate in Louisville or to our existing businesses that are undertaking significant expansions. While it can be a retention tool, it is more commonly an attraction tool. The BAP is rebate -based, and depending on the particular business, rebates are structured around building permit fees, construction use tax, sales tax, and consumer use tax. Under the Recovery & Improvement Program, staff suggests developing a new set of criteria, outlining a new applicant process, and providing incentives on a matching rather than rebate basis. The focus and intent of the proposed program would be to help local businesses impacted by the COVID-19 pandemic and attempting to transition to re- opening or recovery. Recovery & Improvement Program Criteria Both EVC and LRC have expressed a desire to potentially assist businesses with a recovery focus. The focus could incorporate building projects and improvements necessary to transform the way they operate as a result of the pandemic and fagade improvements to make sure commercial buildings stay well -maintained and vibrant during difficult economic circumstances. The EVC also discussed incentivizing businesses to work collaboratively, such as on a unique or reformatted special event or service to the community. Agenda Packet P. 10