Economic Vitality Committee Agenda and Packet 2020 09 25

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Economic Vitality Committee Meeting Minutes August 18, 2020 Page 2of3 business undertake and to then also try to educate and inform about best practices. These steps might lead to an ability to recognize businesses employing such practices. VII. Discussion/Direction- Business Assistance Program (BAP) Analysis: Director Pierce presented a 2019 analysis of the City's Business Assistance Program, drawn from City data as well as the State's quarterly report of employment and wages for businesses. The Committee discussed the basis of the analysis and had several questions about measuring the totality of the program impacts vs. the current year data. Chair Dickinson noted that measures speak to the benefit creating incentives can have for the community over the long-term. Mayor Pro Tern Maloney asked about the context for the measure about cost per job added. Director Pierce responded that the measure would be more valuable if it had context of data from comparable communities. Next the Committee also discussed the presentation of 2019 sales tax in relation to the totality of incentives offered. Director Pierce will review the ability to break -down sales tax by incentive over time to provide more precise data in this regard. Chair Dickinson and Mayor Stolzmann also discussed how reviewing incentive agreements and revenue generation by area (as is done with Finance's quarterly sales tax reports) could provide a sense of the value of packages activating vacant space and benefiting surrounding businesses. Mayor Pro Tern Maloney asked if there are other forms of incentives besides rebates that should be considered. Director Pierce said she would like to review this possibility as part of a more complete BAP evaluation —this could involve differentiating the incentives for retention and attraction efforts. The Committee agreed the data creates increased understanding and could be further developed to help answer additional program questions. VIII. Discussion/Direction- Economic Prosperity Program Key Performance Indicators (KPIs): Director Pierce reviewed the City's existing KPIs as they relate to Economic Vitality and shared differences in data that may exist comparing 2018 to 2019 actual data. Next the Committee discussed revised KPIs that have been developed. Mayor Pro Tern Maloney asked if there was a way to measure the economic and sales tax impact of employees and to differentiate that from residential spend locally. He hopes to better understand the impact of incentivizing new employees to the City. Director Pierce said that she has seen this type of analysis in retail market studies, but that she can investigate how that data is gathered. Chair Dickinson said that the indicator relating to authorized incentives compared to actual rebates would not be as meaningful unless there was a Agenda Packet P. 3