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City of Louisville <br />Economic Vitality Strategic Plan <br />Strategic Goal #3 <br />Measures (KPIs) <br />Develop differentiated tools and programs focused on increasing total retail sales and sources of <br />revenue -generating activities <br />• Commercial vacancy rate for retail space <br />• In -City sales tax per square foot of retail space <br />• Percentage of Business Assistance Package incentive dollars <br />rebated of sales tax generated by BAP Recipients <br />Identifier <br />Supporting Actions/Tasks <br />Responsibility <br />Target Start <br />#3-1 <br />• Develop business support programs for retailers re -opening and recovering from the COVID-19 pandemic <br />to regenerate and stabilize lost tax revenues <br />EV <br />ONGOING <br />� <br />n <br />COMP, rTr IAnIAov �Wl <br />^r4^d „"„^'f^f <br />o Transitien "Support Local" campaign irate "Keep It I ee-al I ei05yille. f— f. ­ — .... <br />of local business <br />EV/ITS <br />C_Q_MP ETE IAN IADV 292 <br />pert <br />Ky <br />o Small BUSiReS5 PreseFyatien GFant PFOgFaFA taFgeted fUREliAg f8F baFs' <br />F-V <br />COMPLETE IAN IADV 202 <br />pleted with FestablFants, <br />Fitness providers, and I'mited health 5eFV*Ge yi. ers <br />COMPLETE MAY 202-1 <br />() Recernmend ferms of business support financial assistance te the <br />DECE BEE 202 <br />petential and speed pandernie <br />reeeveFy,m. sbiehCOMPLETE <br />Development Gente <br />#3-2 <br />• Identify market gaps through analysis and by monitoring retail leakage to adjacent communities <br />EVC/EV <br />Q2 2023 <br />o Develop scope of work & RFP for retail leakage analysis and retail market research study <br />EV <br />Target Start Q2 2023 <br />o Hire consulting firm with focus on strategizing study outcomes to conduct process and prepare report <br />EV <br />o Prioritize outcomes of market study, especially into new strategies for retail attraction <br />EVC/EV <br />#3-3 <br />• Build consensus on differentiated strategies for retail, small business, and primary recruitment to guide <br />future and prioritized actions <br />EVC/EV <br />Q3 2023 <br />o Assess local occupancy costs, focusing on independent, small retailers (less than 2K SF) <br />EV <br />#3-4 <br />• Look for opportunities to implement recommendations from the McCaslin Area Market Study that support <br />redevelopment <br />EV <br />Q4 2022 <br />o Establish regular engagement and coordination with key property owners, including Ascent Church, <br />Koelbel & Co, and Regal Cinemas/Cinebarre <br />EV <br />ONGOING <br />#3-5 <br />• Evaluate Urban Renewal Area tools for retail application within the District in coordination with the <br />Louisville Revitalization Commission <br />LRC/EV <br />Q2 2023 <br />#3-6 <br />• Attend regional and national retail focused events to stay engaged with brokers, owners, and tenants <br />EV <br />ONGOING <br />• Participate in Cemmercial BrekeF5 BOU'deF that hosted I=8b1i5Vi4e-pFepeF#e� <br />Ev <br />COMPLETE AUGUST ST 202 <br />Of meetings aFe at <br />fellow <br />• ide lo to these including <br />Ev <br />C_Q_ MPI CTC DECE ABER 'l!12 <br />-. tt .... rev iirF...ly engaged at events, marketing materials and any relevant- <br />/.up <br />Agenda Packet P. 18 <br />