Economic Vitality Committee Agenda and Packet 2021 01 15

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Cxty0f ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1.878 SUBJECT: DISCUSSION - ECONOMIC VITALITY STRATEGIC PLAN DATE: JANUARY 15, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The City Council adopted the Economic Vitality Strategic Plan on November 10, 2020; please see Attachment #1 for plan matrix. Substantive plan initiatives begin in 2021. Review of the Plan's Supporting Actions and overall status should be an ongoing discussion item for the Economic Vitality Committee (EVC). DISCUSSION: The continued implementation of 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: • Q2 2021: Create and review Cost of Doing Business/Development Scorecard to better understand cost of doing business in Louisville (#1). • 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 (#1). • 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 (#1). Staff foresees that all of the items above would initiate as discussions with the EVC and then be scheduled for Council review and input. The Strategic Plan also includes 2021 items that are anticipated to have direct EVC involvement: • Q2 2021: Develop shortlist of priority businesses to guide recruitment efforts (#1). • Q4 2021: Identify key data for quarterly commercial vacancy report (#1). • Q1 2021: Create list of opportunities for improvement resulting from Business Satisfaction Survey analysis (#2). • Q4 2021: Identify market gaps through analysis and by monitoring retail leakage to adjacent communities (#3). • Q3 2021: Attempt to develop specific business incentives that would specifically encourage local employment (#4, tied to BAP action for Council). Unfortunately, due to continued high workload created by pandemic response, work has not started on preparing for any Q1 or Q2 2021 initiatives. The Business Satisfaction Survey is anticipated in the plan to be work performed in conjunction with the Business Retention and Development (BRaD) Committee. Staff is also reluctant that it might not be the best time to survey businesses given the overwhelming amount of information Agenda Packet P. 15