Economic Vitality Committee Agenda and Packet 2021 11 18

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Cityof ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1878 SUBJECT: DISCUSSION/DIRECTION- STRATEGIC PLAN ITEM #1-9: CREATE AND REVIEW COST OF DOING BUSINESS/DEVELOPMENT SCORECARD TO BETTER UNDERSTAND COST OF DOING BUSINESS IN LOUISVILLE DATE: NOVEMBER 18, 2021 PRESENTED BY: AUSTIN BROWN, ECONOMIC VITALITY SPECIALIST SUMMARY: Economic Vitality Strategic Plan Item #1-9 was previously discussed during the September 24 Economic Vitality Committee (EVC) meeting, following City Council discussion at the July 13 regular meeting. This initiative is a 2021 City Council Work Plan priority. Council discussed that the EVC could help to advance the next iteration of the project and staff has shared feedback about next steps. A copy of the July 13 and September 24 Scorecard materials are included as Attachment #1 and Attachment #2, respectively. DISCUSSION: EVC reviewed the Scorecard information and was in support of gathering additional data as well as the case study format. There was discussion that the Scorecard could potentially be used as a marketing tool in attracting new businesses, as well as a comparison for Louisville to identify any potential hurdles to development when compared to other nearby areas. To develop case studies, staff suggested selecting from recently completed commercial projects that represented different business types as well as a range of building needs. The costs of doing business vary, because some companies will be constructing a new commercial building, including core and shell as well as interior build -out, and others may be occupying existing commercial space and only performing tenant improvements. Given the diversity of the Louisville business community, staff suggested case studies focus on a retail business and a primary employer. Staff provided a list of five potential projects from which a case study could be conducted. The EVC chose the following commercial projects to be included in the case studies: 824 South Street: 4,458 SF commercial development. This commercial project in downtown is likely to be completed this year; the South Street Market in the South building opened in July. The developer constructed new core and shell commercial for retail and office use. This project also received Business Assistance Program (BAP) incentives as well as public infrastructure assistance through the Louisville Revitalization Commission. Agenda Packet P. 17