Economic Vitality Committee Agenda and Packet 2020 07 17

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Economic Vitality Committee Meeting Minutes June 19, 2020 Page 2of3 not agree with the proposed program applying to both business and commercial property owners and suggested targeting commercial owners might be a separate program. The Committee members and LRC commissioners agreed to eliminate the suggested criteria around special events. Chair Dickinson added he was most excited about criteria that make more permanent investments in the business community. Chair Dickinson stated his support for a program that truly incentivizes a business who would not be able to take action otherwise; he said the program should not provide funding if the business has already made applicable investments. Mayor Pro Tern Maloney and Vice -Chair Adler noted the importance of the program being available to businesses throughout Louisville. The Committee agreed to staff's suggestion for administrative approvals and also discussed how the program could possibly target small businesses or those most in need. Mayor Pro Tern Maloney suggested comparing sales or use tax remittance from year to year. The Committee next discussed potential program funding. The LRC had previously discussed an additional $50,000 it might allocate to business recovery; Chair Steven Fisher and Vice -Chair Adler said they were supportive of that funding being dedicated to this program for businesses within the Urban Renewal Area (URA). Chair Dickinson suggested the City provide $150,000 of initial program funding. The group also discussed the potential CARES funding Louisville will receive from Boulder County and how that might be used to reimburse the grant program or conduct additional business programming in 2020. Among the EVC, there was general consensus on a program providing 50/50 match, up to a funding limit of $10,000. Discussion continued around program funding, with the EVC considering $100,000 - $250,000 from the General Fund and the LRC considering $50,000 - $100,000. The Committee discussed program timing and the application process. Commissioner Bradfield emphasized the importance of a streamlined process and also eliminating other process hurdles for businesses. Staff suggested that because the program will require further input from the LRC and EVC before being presented to City Council, a launch in late August or early September is probably feasible. Vice -Chair Adler advocated for an earlier application process to assist businesses in the short-term. Chair Fisher asked staff to put a discussion of the Recovery & Improvement Program as well as the CARES Act funding on the next LRC agenda. Chair Dickinson reviewed the key points of consensus on the program and clarified that staff had sufficient direction to prepare a revised version of the program for consideration.