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Cityof ECONOMIC VITALITY COMMITTEE <br />Louisville <br />COLORADO -SINCE 1878 <br />SUBJECT: DISCUSSION- STRATEGIC PLAN ITEM #1-3: EVALUATE AND <br />POTENTIALLY REVISE BUSINESS ASSISTANCE PROGRAM <br />(BAP) TO ALIGN WITH THE CITY'S STRATEGIC GOALS FOR <br />BUSINESS ATTRACTION AND RETENTION <br />DATE: JULY 16, 2021 <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />This discussion is related to a Supporting Action from the Economic Vitality Strategic <br />Plan, targeted for a Q3 2021 timeline. The action, to "Evaluate and potentially revise <br />Business Assistance Program (BAP) to align with the City's strategic goals for business <br />attraction and retention" is also intertwined with other Strategic Plan items, including: <br />• Item #4-1: Attempt to develop specific business incentives that would specifically <br />encourage local employment (Q3 2021) and <br />• Item #5-2: Incentivize use of existing vacant space over new commercial <br />buildings where applicable in Business Assistance applications (Q3 2021). <br />• Item #5-3: Develop understanding of incentives to encourage businesses to <br />undertake new, sustainable practices (Q4 2022). <br />DISCUSSION: <br />The ordinance establishing the Business Assistance Program (BAP) was approved by <br />City Council in January 2007, based on recommendations from the Business Retention <br />& Development Committee. The program was approved by Council through Ordinance <br />1507, Series 2007 and is outlined in Section 3.25 of the Louisville Municipal Code. The <br />requirements, criteria, and existing application for the BAP are included as Attachment <br />#1. This package is posted on the City's website (https://www.louisvilleco.gov/doing- <br />business/economic-development/incentives-and-grants/business-assistance-program), <br />along with the program highlight sheet (see Attachment #2). These two pieces are <br />provided to any business that requests information about the program and potential <br />incentive opportunities. <br />As it exists today, the BAP attempts to operate as both a retention/expansion and <br />attraction tool. Applicants can be any business spanning the gamut from a small, <br />independent retailer, to a multinational corporation and primary employer. To be eligible, <br />a company must be a new business seeking to open in Louisville or relocate a business <br />from another community; in addition, companies already operating in Louisville are <br />eligible if they intend to expand the physical footprint of the business. The other key <br />eligibility component is around location commitment. A company is not eligible to apply <br />for assistance if a lease has already been executed on a commercial space or the <br />owners have closed on a land or building purchase. <br />Agenda Packet P. 7 <br />