Economic Vitality Committee Agenda and Packet 2021 10 22

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Cityof ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1878 SUBJECT: DISCUSSION - ECONOMIC VITALITY STRATEGIC PLAN DATE: OCTOBER 22, 2021 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: The City Council adopted the Economic Vitality Strategic Plan on November 10, 2020; Substantive plan initiatives begin in 2021. Review of the Plan's Supporting Actions and overall status is an ongoing discussion item for the Economic Vitality Committee (EVC). DISCUSSION: Staff undertook a more thorough review of the Strategic Plan matrix since the last EVC meeting. The updated matrix appears as Attachment #1. It is now more predictable to anticipate what will be feasible through the end of 2021; in addition, some projects have evolved or new Tasks are warranted under previously agreed -to Supporting Actions. Where staff feels the suggested changes require Committee input or review, the matrix box has been highlighted with a purple background. Underlined text has been revised. These items and other key changes also include: • Item #1-1: The EV Specialist will attend the special ICSC RECon event that is being held in December. Staff plans that the larger delegation and RECon event will be organized around the normal May timeframe in 2022. o Based on Council interest in business recruitment and attraction efforts, staff is also suggesting to add a new task related to a dashboard for this information. Staff wishes to be able to evaluate the best way to do this in light of other reporting that has already been put in place or is otherwise outlined in the Plan. Item #1-4: Staff anticipates gathering EVC feedback on this item through discussion of the project at the October meeting. Item #3-2: A market retail study has been anticipated since work began on the Strategic Plan. Staff originally suggested this item would begin in Q4 2021, realizing that it would likely involve a formal process to solicit an outside consultant and conduct the study. However, staff has since learned that the Comprehensive Plan update will kick-off in 2022. This normally involves a market study. Having discussed with Planning staff, it is suggested that the timeframe of this Supporting Action be revised to Q3 2022. Staff suggests expanding the scope of the market study for the Comprehensive Plan process so that it captures the needs of both Planning and Economic Vitality. This also ensures there is not competing information about our local market by two different consultants in a short period of time. o Item #3-3: This timeline was revised based on its dependency on the timing of the market study. Agenda Packet P. 29