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Economic Vitality Committee <br />Meeting Minutes <br />October 22, 2021 <br />Page 2 of 4 <br />Council. He also commented that the cap will not affect many of the businesses <br />who have received rebates in the past and may restrict BAP efforts with larger <br />businesses. Chair Dickinson stated that he does not see the cap as necessary <br />but would be willing to support one if there is strong support for it. <br />Following this discussion, Chair Dickinson proposed either no cap or a <br />$100,000 cap, and also a one-year vacancy term. Councilmember Leh <br />responded that he would be fine with $100,000 but thinks that is important to <br />have a cap. He also wondered whether there could be any cap flexibility for <br />unique exceptions. Finally, he wondered what the ideal vacancy term would be <br />and if there is any research that can help improve this number. Mayor Pro Tern <br />Maloney commented that these bonuses would be used in cases where the City <br />expects significant financial return and that he was in support of both $100,000 <br />and one year. He also clarified that if any extraordinary cases were brought to <br />Council, Council would have the ability to evaluate them on a case -by -case <br />basis. <br />Director Pierce responded that there are very few spaces that would be able to <br />receive more than $75,000. She also acknowledged that the variety of property <br />types and property owners can lead to differing timelines and that even the <br />most desirable properties can take over a year to be filled. Any bonus requiring <br />less than a year might encourage a slightly longer than necessary vacancy. She <br />also reiterated that this bonus is only for properties that have been previously <br />occupied. <br />Chair Dickinson stated that the he is in support of the new business and <br />expansion requirements. Councilmember Leh stated that it is important to have <br />flexibility and not to discourage a business that moves from staying in Louisville. <br />Chair Dickinson responded that this could alienate a business that needs to <br />move from their existing space but is not eligible to receive this bonus for a new <br />property in Louisville. Chair Dickinson agreed that the ability to incentivize <br />existing businesses is an important tool to keep them in Louisville and agreed <br />that this requirement was not necessary. Mayor Pro Tern Maloney agreed that <br />this requirement would not always be in the best interest of the city. <br />VII. Discussion/Direction- Engaging Services for Business Support with the <br />Boulder Small Business Development Center (SBDC): Director Pierce <br />presented an outline for how the City could engage with the SBDC to receive <br />additional business support services. Councilmember Leh asked if Director <br />Pierce has gathered any feedback from the business community as to whether <br />or not these services would be useful. Director Pierce responded that she has <br />not spoken directly to any businesses but she has spoken to the Executive <br />Director of the Louisville Chamber who confirmed that they would not be able to <br />offer these services on their own, and that these services would be in addition <br />to the work that the Chamber already does. Director Pierce mentioned that <br />Agenda Packet P. 4 <br />