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: SEPTEMBER 24, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: This will be the final review of potential recommendations of the Economic Vitality Committee (EVC) related 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). The item was initially revised by the EVC at its July 16, 2021 meeting and at the August 20, 2021 meeting, the EVC gave direction to staff on the recommendations it was most interested in pursuing. A copy of the materials from the August 20 meeting is included as Attachment #1. BACKGROUND: At prior discussions of Item #1-3, Committee members confirmed the desire to maintain a formalized program structure that incentivizes attraction of new businesses and retention of existing businesses that may be relocating or expanding. As outlined, the Business Assistance Program would continue to employ objective criteria, transparently communicate eligibility, and facilitate efficient processing of applications. Recommended changes to the program previously discussed by the EVC are outlined below. Generally, these items would create some flexibility that most likely assists small business owners and focuses incentives on key outcomes the EVC has prioritized in its planning efforts. Revise Application Timing Requirement • The existing program requires that a business must apply for and receive an assistance agreement prior to signing a lease or closing on a property. It takes three to four weeks to process an application and advance it for City Council approval. This length of time causes some businesses to delay anticipated lease - Agenda Packet P. 9