Economic Vitality Committee Agenda and Packet 2021 10 22

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LL City0f CITY COUNCIL COMMUNICATION Louisville AGENDA ITEM 7C COLORADO -SINCE 1878 SUBJECT: DISCUSSION/DIRECTION — ECONOMIC VITALITY STRATEGIC PLAN ITEM #1-3: EVALUATE AND POTENTIALLY REVISE BUSINESS ASSISTANCE PROGRAM TO ALIGN WITH CITY'S STRATEGIC GOALS FOR BUSINESS ATTRACTION AND RETENTION DATE: OCTOBER 5, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The Economic Vitality Strategic Plan contains Supporting Action #1-3, "Evaluate and potentially revise Business Assistance Program (BAP) to align with the City's strategic goals for business attraction and retention," which was targeted for a Q3 2021 timeline. This Supporting Action 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 Business Assistance Program has been in place since 2007, much in the form it exists in today. The Program was adopted into Section 3.25 of the Louisville Municipal Code via Ordinance 1507, Series 2007. To ensure the City's incentive program is aligned with its current goals for business attraction as well as business retention and expansion, staff initiated a program review with the Economic Vitality Committee (EVC) in July 2021. The EVC has discussed the program and recommended changes at its July, August, and September 2021 meetings; the materials from each of those meetings are included as Attachments #1 through Attachment #3. Additional context about the BAP is also available in staff's annual program report, included as Attachment #4. Please note that this annual report reflects program applications through the end of July 2021. Five (5) new BAPs have been approved since that time. DISCUSSION: Through this evaluation, 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. The EVC CITY COUNCIL COMMUNICATION Agenda Packet P. 11