Economic Vitality Committee Agenda and Packet 2020 11 20

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Cxty0f ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1.878 SUBJECT: DISCUSSION - ECONOMIC VITALITY STRATEGIC PLAN DATE: NOVEMBER 20, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The development of an Economic Vitality Strategic Plan, including goals and implementation action items, has been a key focus item for the Economic Vitality Committee (EVC). On June 2, 2020, the City Council approved the EVC's draft Vision Statement and Strategic Goals; work since that time has been heavily focused on the Supporting Actions and Tasks required for successfully complete the goals. DISCUSSION: On November 10, 2020, the EVC presented the Strategic Plan to City Council for input. The plan was adopted with no changes (please see Attachment #1). Councilmember Leh did note that the implementation should consider diversity, inclusion, and equity and any barriers that may exist within the Louisville business community. The continuation of the work implementing the Economic Vitality Strategic Plan will need to be incorporated into City Council's 2021 Work Plan. Staff has submitted the anticipated 2021 Supporting Actions that have Council involvement, including: • Q3 2021: Evaluate and potentially revise Business Assistance Program (BAP) to align with the City's strategic goals for business attraction and retention o Incentivize use of existing vacant space over new commercial buildings where applicable in Business Assistance applications • Q4 2021: Identify priority properties/areas (such as Sam's, Kohl's, Cinebarre, and Village Square) for focus of any City attraction efforts or influence to private redevelopment undertakings • Q2 2021: Create and review Cost of Development Scorecard to better understand cost of doing business in Louisville As is noted in a later memo, the determination on the purpose and focus of the EVC will also impact the implementation of the strategic plan. A number of Supporting Actions were aligned at the EVC level based on the actions of the Committee to -date. If the Committee is re-formed, the assignment of Responsibility for both EVC and the Business Retention and Development Committee (BRaD) should be reviewed. RECOMMENDATION: Review strategic plan feedback and potential next steps. ATTACHMENTS: • Attachment #1: City of Louisville Economic Vitality Strategic Plan Agenda Packet P. 6