Economic Vitality Committee Agenda and Packet 2021 01 15

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Cxty0f ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1.878 SUBJECT: DISCUSSION- BUSINESS SUPPORT AND GRANT PROGRAM UPDATES DATE: JANUARY 15, 2021 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. On December 15, Council approved an additional $50,000 of program funding and also permitted staff to extend the application period through January 31, 2020. Staff has received a few additional applications for funding since that time that are working through the process. On December 18, 2020, the Economic Vitality Committee (EVC) proposed a new business grant program based on staff's recommendations. The Small Business Preservation Grant program was presented to City Council for adoption on January 5, 2021 and adopted with $500,000 in funding. DISCUSSION: Based on Council's approval, staff is preparing to take the Small Business Preservation Grant program to the Louisville Revitalization Commission (LRC) on Wednesday, January 13. So that staff can understand the LRC's potential participation in funding, it has been announced the grant applications will open at 12:00 PM on January 13 and close on 5:00 PM on January 15. In terms of process, staff anticipates going through applications and determining those eligible fairly quickly. However, since we may be processing up to 100 checks, Finance staff will need to perform necessary internal controls, especially for those businesses that may not already be in our system from having received a prior grant. Staff has coordinated with Finance to ensure as smooth a process as possible. Since the announcement, staff has received positive feedback about not limiting the grants based on size of employee group as well as the recognition of businesses current on payment plans. Staff will prioritize getting the check requests submitted and then notifying those applicants that have been approved. Next, those applicants not determined to be eligible will also receive a formal notification. As much as possible, staff will get in touch with those that submit incomplete applications to offer them the opportunity to complete the requirements. However, anticipating the high volume, staff is stressing business responsibility to submit a complete application to be considered. The list of those approved for grants will be posted on the City's website and staff will also plan to share this information with the community. Agenda Packet P. 13