Economic Vitality Committee Agenda and Packet 2021 07 16

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SUBJECT: STRATEGIC PLAN ITEM #1-3 DATE: JULY 16, 2021 PAGE 5 OF 5 • Retains existing sales tax to the City • Draws NEW customers, and is not expected to draw a large percentage of its business from existing business • Creates new sales tax to the City • Utilizes an existing building • Complements existing Louisville businesses (i.e. a buyer or supplier that serves an existing business in the City) • Brings new basic jobs to the City, with average salaries about the County's average wage • Represents job diversity in industry sectors and is part of a growing industry • Brings a new retail outlet or expands a current retail outlet • Represents retail diversity • Brings a value added results to the City of a development within the City (i.e. moves the company's corporate headquarters to the City) • The amount of business assistance is a percentage of revenue created by the relocation of this company to the City of Louisville, or the retention and/or expansion of a company within Louisville • Business assistance is generally not available for a move from one Louisville location to another. Staff seeks feedback about what additional data it would be helpful for members of the EVC to review. For August, staff will update the annual Business Assistance Program Analysis that was first reported in August 2020 (please see Attachment #4). In addition, staff will anticipate providing follow-up to any questions or ideas raised during this first review. This EV Strategic Plan item is also included on the City Council's 2021 Work Plan. Staff has targeted the September 7, 2021 Council agenda to bring forward a recommendation or evaluation information on the Business Assistance Program to Council. Depending on the discussion in July and information requested to analyze at the August EVC meeting, the City Council presentation may need to be delayed. Ultimately direction from City Council would be used to potentially amend the program, which would also need to be approved by Ordinance and adopted into the Municipal Code. RECOMMENDATION: No action required; for information only. ATTACHMENTS: • Attachment #1: Business Assistance Program Package (including application) • Attachment #2: Business Assistance Program Highlight Sheet • Attachment #3: Boulder County 2020 Economic Profile • Attachment #4: Business Assistance Program Annual Analysis (August 2020) Agenda Packet P. 11