Economic Vitality Committee Agenda and Packet 2020 07 17

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Cxty0f ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1.878 SUBJECT: DISCUSSION/DIRECTION/ACTION- LOUISVILLE'S RECOVERY & IMPROVEMENT PROGRAM PROPOSAL DATE: JULY 17, 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. A proposal for Louisville's Recovery & Improvement Program was presented at the June 19 EVC meeting. The Committee, along with members from Louisville's Revitalization Commission (LRC), provided feedback. The revised program was discussed with the LRC on July 8. DISCUSSION/DIRECTION: As currently proposed, Louisville's Recovery & Improvement Program focuses on retaining our existing businesses by matching funding for building projects and improvements necessary to transform business operations as a result of the pandemic and for fagade improvements to make sure commercial buildings stay vibrant during difficult economic times. Based on feedback from the EVC in June, staff created a draft program application, included as Attachment #1. The key feedback that has been incorporated includes: • Target and assist businesses that are most vulnerable; • Create criteria that focus on investments, not one-time actions (eliminated criteria on special events); • Include only business owners as potential applicants, not commercial property owners at this time; • Design program eligibility for actively licensed, brick -and -mortar businesses within the City of Louisville and those that are current on all City accounts; • Limit applicants to one approved project for funding; • Only accept applications for projects that are envisioned for the future, not that have already been put in place or paid for; and • Do not limit applicants by business type or size. The LRC reviewed the EVC materials from June 19 as well as the feedback outlined above. While the LRC noted they are generally supportive of the Recovery & Improvement Program, they did not have consensus to allocate funding at this time. Staff will continue to share the program proposal with the LRC as it is refined. They plan to reconsider the item at their next regular meeting on September 9. If the LRC does wish to participate in funding for the Recovery & Improvement Program, it would require a formal agreement to be drafted and approved by both City Council and LRC.