Economic Vitality Committee Agenda and Packet 2020 11 20

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Cxty0f ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1.878 SUBJECT: DISCUSSION/DIRECTION- ECONOMIC VITALITY COMMITTEE PURPOSE AND FUNCTION DATE: NOVEMBER 20, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The Economic Vitality Committee (EVC) was established in late 2019 and began meeting in 2020. With the detailed work on creating an Economic Vitality Strategic Plan now substantially complete, Committee members wish to discuss the future purpose and function of the Committee. DISCUSSION: At the outset, the EVC developed a Purpose and Objectives to guide its work. The agreed -to statements are shown below: Purpose: The Louisville Economic Vitality Committee (EVC) provides leadership, policy recommendations, and support for the City's programs to promote a thriving business climate that provides job opportunities, facilitates investment, and produces reliable revenue to support City services. Objectives: 1) Facilitate the development of an Economic Vitality Strategic Plan, including goals and specific supporting actions. 2) Make recommendations in support of the City's Economic Prosperity Program by maintaining positive business relationships; assisting property owners, brokers, and companies in finding locations and/or constructing new buildings; and attracting/retaining a diverse mix of businesses that provide employment opportunities for Louisville residents. 3) Monitor progress toward the Economic Vitality Strategic Plan goals through Key Performance Indicators and annually review prioritization. While the Purpose and Objectives provide for slightly broader work than the development and adoption of the EVC, there has been some discussion about discontinuing the Council Committee. If the Committee was discontinued, some of the Strategic Plan initiatives designated with the EVC would need to be revised —including involvement from the Business Retention and Development Committee (BRaD) or the Louisville Revitalization Commission (LRC). Other designated items would require the consultation and approval of the full City Council. The Downtown Business Association (DBA) and the Louisville Chamber of Commerce (Chamber) are also significant organizational stakeholders for economic vitality. At the staff level, economic vitality is the liaison for BRaD, EVC, and LRC. Each of these groups meets monthly, though EVC has meet more regularly to address time sensitive issues. Staff also participates in the monthly DBA Board meetings and has monthly Agenda Packet P. 16