Economic Vitality Committee Agenda and Packet 2020 11 20

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LL ECONOMIC VITALITY COMMITTEE LC IouisVi I I e- COLORADO -SINCE 1.878 SUBJECT: DISCUSSION- RECOVERY & IMPROVEMENT MATCHING GRANT PROGRAM UPDATE DATE: NOVEMBER 20, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The Recovery & Improvement Matching Grant program was approved by City Council on August 11, including $150,000 of funding. The program was promoted for approximately two weeks and then the online application opened on September 3, 2020. The program is set to run through December 31, 2020 or until all program funding is allocated. Since this program is structured for a rolling application, complete applications are being reviewed and processed in the order they are received. At the October 16 Economic Vitality Committee (EVC) meeting, members supported amending the grant program to allow purchases on or after September 3 regardless of the application date. As a result, staff has revised the program information, informed the business community of the change, and amended three grant applications related to eligibility of purchases. DISCUSSION: As of November 6, 2020, all funding for the Recovery & Improvement Matching Grant program has been allocated. In approximately a two month period, 29 grants were awarded to licensed, brick -and -mortar businesses within Louisville. All those receiving grants have now received approval letters. The final program checks are anticipated to be on the November 17 warrant list, so everyone will have funding for projects by mid - November. The 29 grants disbursed totaled $139,767.52, which is slightly less than the $150,000 of program funding. However, each grant agreement provides for the amount disbursed as well as a maximum payment contained in the program license agreement each applicant must sign. Staff allowed for a small buffer on each grant ($100 or less) in case there are cost over -runs. For example, if the business was awarded a grant of $7,172.49, the grant agreement provided for a maximum payment of $7,200. Each grant will be reconciled with actual expenses, and staff will manage either collections or additional minor disbursements to complete the process. Of the 29 awarded grants, seven were for the maximum matching grant of $10,000. A number of applicants are transacting grant money locally —either purchasing from local vendors or employing local design professionals and contractors. The City's disbursement of $139,767.52 is resulting in $334,419.61 in total improvements projected to be made. Not only will there be a positive benefit to the businesses and Agenda Packet P. 14