Economic Vitality Committee Agenda and Packet 2021 09 24

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Cityof ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1878 SUBJECT: DISCUSSION/DIRECTION- STRATEGIC PLAN ITEM #1-3: EVALUATE AND POTENTIALLY REVISE BUSINESS ASSISTANCE PROGRAM (BAP) TO ALIGN WITH THE CITY'S STRATEGIC GOALS FOR BUSINESS ATTRACTION AND RETENTION (continued) DATE: AUGUST 20, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: This discussion is a continuation from the July 16, 2021 Economic Vitality Committee (EVC) meeting and relates to a Supporting Action from the Economic Vitality Strategic Plan, targeted for a Q3 2021 timeline. The action, to "Evaluate and potentially revise Business Assistance Program (BAP) to align with the City's strategic goals for business attraction and retention" is also intertwined with other Strategic Plan items, including: • Item #4-1: Attempt to develop specific business incentives that would specifically encourage local employment (Q3 2021) and • Item #5-2: Incentivize use of existing vacant space over new commercial buildings where applicable in Business Assistance applications (Q3 2021). • Item #5-3: Develop understanding of incentives to encourage businesses to undertake new, sustainable practices (Q4 2022). DISCUSSION: In July, the EVC began evaluation of the BAP, including the program history, toolkit for retention and attraction activities, incentives offered and paid, program feedback from applicants, criteria, and overall process. A copy of all the materials previously presented is included as Attachment #1. Please note that a separate but related item, the annual analysis of the Business Assistance Program will also be presented in August. Committee members confirmed their desire to maintain a formalized program structure, including an application and structured incentives that continues to create certainty of the obligations and ensure equity among applicants. In July there was expressed interest in providing more flexibility around eligibility, which is currently determined by whether or not a business has already executed a lease. Staff and Councilmembers also discussed opportunities for adding to or revising incentives to more closely align with desired outcomes, such as those outlined in the Economic Vitality Strategic Plan. Lastly, the EVC requested additional information on how surrounding communities handle requests for incentives to help analyze Louisville's competitive position. The narrative below addresses each of these areas. Program Eligibility- Lease Execution Agenda Packet P. 13