City Council Minutes 2021 10 05 - Laserfiche WebLink

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City Council Meeting Minutes October 5, 2021 Page 8 of 11 VOTE on original motion: Motion passed by unanimous roll call vote. DISCUSSION/DIRECTION — ECONOMIC VITALITY STRATEGIC PLAN ITEM #1-3: EVALUATE AND POTENTIALLY REVISE BUSINESS ASSISTANCE PROGRAM TO ALIGN WITH THE CITY'S STRATEGIC GOALS FOR BUSINESS ATTRACTION AND RETENTION Megan Pierce, Economic Vitality Director, presented on evaluation of the Business Assistance Program (BAP). She reviewed the history of the program and the need to evaluate the program and potentially revise it to align with the City's strategic goals for business attraction and retention. She reported on the Economic Vitality Committee (EVC) evaluated the BAP program and they recommend the BAP should remain a formal program structure with application, criteria and eligibility. She reviewed the recommendations: Allow businesses to submit a completed application prior to property commitment. Businesses may choose to wait to secure approval or may proceed with lease or closing, at their own risk. 2. Add a rebate of sign permit fees. An applicant may receive rebates of in-house Permit Fees and Construction Use Tax on the sign permit. New signage can be an added expense and burden, especially for a relocating or small business. 3. Provide a bonus to an applicant that signs a lease to operate a retail business in a commercial space that has been vacant for two or more years. The committee supports an incentive that is based on the amount of retail -generating space. Of the Business Assistance Packages approved since 2019, there are three that would have qualified for this incentive. 4. Allow a business relocating within Louisville to be eligible without necessarily increasing physical space. This will enhance the BAP as a retention tool for current businesses. Rebates of Sales and Consumer Use Tax would be limited to "new" increment generated. 5. Allow the City Manager to approve Business Assistance Agreements with rebates of less than $50,000. Additionally, amendments would be eligible for City Manager approval if the financial impact is less than a 5% increase to the original agreement amounts. Director Pierce noted that changes to the BAP program would require approval of an ordinance at a future meeting.