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City of Louisville <br />Economic Vitality Strategic Plan <br />Strategic Goal #1 <br />Measures (KPIs) <br />• Commercial vacancy rate (retail, office, industrial) <br />Focus retention and attraction strategies on underutilized retail spaces, blighted properties, and long- <br />• In -City sales tax per capita <br />• Percentage of Business Assistance Package incentive dollars <br />term vacancies <br />rebated of total tax revenues generated by BAP recipients <br />Identifier <br />Supporting Actions/Tasks <br />Responsibility <br />Target Start <br />#1-1 <br />• Develop shortlist of priority businesses to guide recruitment efforts <br />EVC/EVD <br />Q2 2021 (Start 4/16/21) <br />o Raise awareness of existing approved Pad sites (DeLo and McCaslin) <br />EVD <br />o Consider window display sponsorship to showcase community and property information in key vacant <br />storefronts <br />EVD <br />#1-2 <br />• Develop targeted business marketing and attraction materials to distribute to business recruitment leads <br />EVD <br />Q2 2021 <br />o Review past marketing and promotional materials; gather comparable examples; and prepare data <br />(demographic, market, etc.) for inclusion <br />EVD/Marketing <br />In Process <br />o Determine design focus, target audiences, and develop content. Engage graphic designer to compile <br />marketing samples <br />EVD/Marketing <br />o Post final materials to appropriate places on "Doing Business" section of the website; send to distribution <br />of local brokers and previously engaged new businesses; and monitor data that will need routinely updated <br />EVD <br />to keep materials fresh <br />• Evaluate and potentially revise Business Assistance Program to align with the City's strategic goals for <br />#1-3 <br />business attraction and retention <br />CC/EVC <br />Q3 2021 <br />o Facilitate EVC discussion about pros and cons of existing program; determine any needs for data or <br />analysis to support <br />EVC/EVD <br />Target Start June or July <br />o Schedule City Council program evaluation, including information from EVC as well as the annual BAP <br />analysis prepared by staff (should also include comparative information about other regional incentive <br />EVD/EVC/CC <br />Council Agenda 9/7/21 <br />programs) <br />o Use input to develop program alternatives for follow-up Council discussion and/or approval of new <br />EVC/EVD <br />program criteria <br />o Revise Incentives and Grants section of the Doing Business webpages; create new program package and <br />application based on changes adopted <br />EVD <br />• Identify priority properties/areas (such as Sam's Club, Kohl's, Cinebarre, and Village Square) for focus of any <br />#1-4 <br />City attraction efforts or influence to private redevelopment undertakings <br />CC/EVC <br />Q4 2021 <br />o Facilitate discussion of EVC to draft priority ideas, including rationale and market potential <br />EVC/EVD <br />Target Start October <br />o Seek input from City Council on EVC priority properties/areas <br />CC/EVD <br />Council Agenda 11/2/21 <br />o Incorporate priorities into other Strategic Plan Goals and Supporting Actions, to match tasks with <br />properties/areas <br />EVD <br />#1-5 <br />• Create and distribute quarterly commercial vacancy report to monitor lease rates and available space <br />EVD <br />Q4 2021; then ongoing <br />o Utilize Costar and City licensing database to build report of total commercial square feet by occupancy <br />type (industrial, office, and retail) <br />EVD <br />o Identify and agree to key data for quarterly report and prepare report template <br />EVC/EVD <br />Target Start November <br />o Produce quarterly report in the month following the end of each quarter <br />EVD <br />#1-6 <br />• Conduct regular business retention visits to understand issues and address concerns <br />EVD <br />Ongoing <br />Agenda Packet P. 16 <br />