Economic Vitality Committee Agenda and Packet 2021 10 22

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SUBJECT: ECONOMIC VITALITY STRATEGIC PLAN ITEM #1-3 DATE: OCTOBER 5, 2021 PAGE 5 OF 6 would have impacted three (3) amendments and eight (8) new agreements over the past two years. The recommendations as outlined leave the other program structure, eligibility, and criteria intact. Committee members did consider incentives related to local employment, sustainability, and transportation, but the most support was for the changes reflected in this report. Especially in the area of sustainability, Committee members agreed with staff that these may better serve businesses as independent programs rather than limited to businesses eligible for the BAP. Attachment #6 reflects a draft of a new Business Assistance Program package. The package incorporates the recommendations outlined in the memo to facilitate understanding of how these would influence the application and process. The package will not be finalized and released until City Council has provided input on the recommendations and those have been adopted into the Louisville Municipal Code. Once adopted, the new package would be published as well as a new program application. Because the BAP is part of the Louisville Municipal Code, any program changes will need to be adopted by City Council through an Ordinance process. FISCAL IMPACT: The specific financial impact of changes to the Business Assistance Program will depend on which recommendations the City Council wishes to advance. Two of the recommendations add potential incentives that may increase the cost of BAP packages. Other recommendations also create some more program flexibility, which may facilitate more businesses receiving program approval. PROGRAM/SUB-PROGRAM IMPACT: Economic Vitality's efforts in business retention, expansion, and attraction grow out of the Economic Prosperity Program Goal to promote a thriving business climate that provides job opportunities, facilitates investment, and produces reliable revenue to support City services. RECOMMENDATION: The Economic Vitality Committee endorsed five recommended changes to the City's Business Assistance Program in response to Strategic Plan Item #1-3. Staff seeks City Council input on the proposals. If City Council wishes to advance some or all of the changes, staff will coordinate with the City Attorney and bring back an ordinance for Council consideration at a future meeting date. ATTACHMENTS: 1. Strategic Plan Item #1-3 EVC Meeting Materials: July 16, 2021 2. Strategic Plan Item #1-3 EVC Meeting Materials: August 20, 2021 3. Strategic Plan Item #1-3 EVC Meeting Materials: September 24, 2021 CITY COUNCIL COMMUNICATION Agenda Packet P. 15