Business Retention and Development Committee Agenda and Packet 2020 12 07

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City of Louisville Economic Vitality Strategic Plan Strategic Goal #3 Measures (KPIs) • Commercial vacancy rate for retail space • In -City sales tax per square foot of retail space Develop differentiated tools and programs focused on increasing total retail sales and sources of • Percentage of Business Assistance Package incentive dollars revenue -generating activities rebated of sales tax generated by BAP Recipients Supporting Actions/Tasks Responsibility Target Start • Develop business support programs for retailers re -opening and recovering from the COVID-19 pandemic Q3 2020; then ongoing (timeframe to regenerate and stabilize lost tax revenues EVD unknown) o Complete Recovery & Improvement Matching Grant program; evaluate how funded projects positively impacted businesses EVD o Transition "Support Local" campaign into "Louisville Thrives" for focus on support of local business in EVD/Marketing recovery o Administer follow-up business impact survey to learn about ongoing pandemic resources, at risk businesses, and strategies desired for business support EVD • Identify market gaps through analysis and by monitoring retail leakage to adjacent communities EVD/EVC Q4 2021 o Determine appropriate scope of market analysis desired; engage consultant; and determine stakeholders to be involved in process EVD/EVC o Work with consultant to support data needs of the market study; assist in developing recommendations and action plan EVD o Prioritize outcomes of market study, especially into new strategies for retail attraction EVD/EVC • Build consensus on differentiated strategies for retail, small business, and primary recruitment to guide future and prioritized actions EVD/EVC Q3 2022 o Consider specific application of Business Assistance Program for retail recruitment EVD • Look for opportunities to implement recommendations from the McCaslin Area Market Study that support redevelopment EVD Ongoing o Establish regular engagement and coordination with key property owners, including Ascent Church, Koelbel & Co, and Regal Cinemas/Cinebarre EVD • Evaluate Urban Renewal Area tools for retail application within the District in coordination with the Louisville Revitalization Commission EVC/LRC Ongoing • Attend regional and national retail focused events to stay engaged with brokers, owners, and tenants EVD Q12022 o Provide timely follow-up to those engaged at events, including marketing materials and any relevant attraction information/data EVD Agenda Packet P. 14