Economic Vitality Committee Agenda and Packet 2021 08 20

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pity{)f ECONOMIC VITALITY COMMITTEE Louisv111e COLORADO • SINCE 1878 SUBJECT: DISCUSSION/DIRECTION- BUSINESS ASSISTANCE PROGRAM (BAP) ANNUAL ANALYSIS DATE: AUGUST 20, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: This report provides an annual analysis of the Business Assistance Program (BAP) — including recent approvals, ongoing assistance packages, inquiries, and efforts to market the program. The last report was made August 18, 2020 and is included for reference as Attachment #1. BACKGROUND: In January 2007, the City Council approved an ordinance establishing the BAP, which was developed by the Business Retention and Development Committee. It focuses on attracting and expanding primary employers (produce goods or services greater than what the local economy can consume) and retailers (sell to end users which collect sales taxes). The program was approved by the City Council through Ordinance 1507, Series 2007 and is outlined in Section 3.25 of the Louisville Municipal Code. As part of the Economic Vitality Strategic Plan (Item #1-3), the Economic Vitality Committee is currently evaluating the program. Staff will be presenting additional information for this discussion at the August 20 meeting. This report focuses on the outcomes of the incentive program over the last year, rather than the revisions that may be recommended to better align the tool with the City's retention/expansion and attraction needs. DISCUSSION: Recent Approvals As of the end of July 2021, eight new business assistance agreements have been approved by Council. In addition, three amendments to prior agreements were approved; two of those have since been completed and one is still active. This year has seen a mix of both retail and industrial tenants seeking incentives, and the City has approved assistance for businesses wanting to remain and expand in Louisville as well as for new businesses coming to the City for the first time. Each of the 2021 approved applicants are listed below, along with the reason for assistance and current status. • Allen Company Inc. — new business, relocated from Broomfield (complete) • Quicksilver Scientific Inc. — new business, relocated from Lafayette (complete) • Linmark Inc. (DBA Coal Creek Ace Hardware) — new business (active) • 824 South Inc. — new business (active) • South Street Market LLC — new business (active) • EarthHero LLC — new business, relocated from Boulder (active) Agenda Packet P. 7