Economic Vitality Committee Agenda and Packet 2021 09 24

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Economic Vitality Committee Meeting Minutes August 20, 2021 Page 2of6 Mayor Pro Tern Maloney asked whether the analysis included information on BAPs that have been approved within the last four weeks. Director Pierce responded that the analysis was completed in July and that there are several BAPs that have been approved since then that will increase many of these measures once they are included in the analysis. Councilmember Dickinson asked whether the $0.96 2020 sales & use tax received per BAP $ paid is before or after the rebate. Director Pierce confirmed that this number is calculated before the rebate. Councilmember Dickinson wondered if that number is an accurate representation of the impact of the BAPs and Director Pierce responded that this figure could potentially be misconstrued based on the year during which the BAP is considered complete. Councilmember Dickinson stated that the impact can be hard to see when the BAP has been completed but the business has only been open and generating revenue for a short period of time. Mayor Pro Tern Maloney asked if the current Key Performance Indicators (KPIs) are the most relevant measures or if they should be changed in any way. Director Pierce responded that KPIs may need to be tweaked but that there is an expectation within the Strategic Plan that measures may continue to be developed as initiatives are more succinctly defined. Director Pierce elaborated that more specific KPIs may better help Council determine the overall success of the plan. Mayor Pro Tern Maloney stated that these numbers do represent a long-term economic prosperity item and supports the initiative and that he is open to reviewing and modifying these numbers if there is a way to make them more meaningful. Councilmember Dickinson agreed that the visuals are helpful and easy to follow. He concluded his statements by clarifying that it is hard to differentiate between businesses who were going to come to Louisville regardless of BAPs offered and businesses who are only able to come to Louisville because of assistance received, but that this report provides a good indication of the impact of both cases. Finally, Councilmember Dickinson stated that the BAP funds offered are an investment in the fiscal security and growth of the business community. Mayor Pro Tern Maloney announced that he was in support of an attraction metric. Councilmember Dickinson agreed that these reports will become more valuable as more years are included in the measures. There was no public comment regarding this item. VII. Discussion/Direction- Strategic Plan Item #1-3: Evaluate and Potentially Revise Business Assistance Program (BAP) to Align with City's Strategic Goals for Business Attraction and Retention (continued): Director Pierce resumed her presentation from the previous meeting and outlined incentive options for the Committee. Agenda Packet P. 4