Economic Vitality Committee Agenda and Packet 2023 08 18

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Economic Vitality Committee Meeting Minutes July 31, 2023 Page 6 of 7 Manager Kroner responded that while there is a limited supply of space, there are still opportunities and there may be situations where the expanded incentives could help an aerospace company quickly fill a recently vacated space. She also noted that the incentives could extend beyond just aerospace to include other industries that currently have a large presence in Louisville such as life science. She concluded that this would be a first step to allow for other expanded incentives. Mayor Pro Tern Fahey wondered what other kind of benefits could be offered to businesses, such as increasing their building height or building footprint. Manager Kroner responded that it will take some time to identify all possible incentives and to keep the balance between meeting business needs while still meeting the City's needs. Chair Leh attempted to clarify what sort of feedback Manager Kroner was looking for and next steps. Manager Kroner confirmed that there will be a draft ordinance proposed to City Council, likely in August or September. She asked for guidance on what sort of information might be helpful for City Council to discuss and understand the proposed amendments. Chair Leh responded that more information on the impact of incentives will be helpful. He also wondered whether or not these incentives would make someone choose to be in Louisville. He continued that it would be helpful to have information on what sort of incentives are working in other areas and municipalities He concluded his questions by wondering how industries outside of aerospace would react to being excluded from expanded incentives. Manager Kroner responded that Louisville could explore giving an expanded rebate on all manufacturing equipment. She noted that certain companies that provide significant jobs and impacts within the City could be eligible for these expanded rebates. Chair Leh asked for public comment. Public comment from Eric Lund: Mr. Lund stated that it is a good idea to target certain industries and fully supports the proposed incentives. He noted that it's important to look at other industries and identify key target markets that will help create large employers. Public comment from Mike Kranzdorf: Mr. Kranzdorf commented that he does not understand the idea to target aerospace companies and offer them additional incentives. He stated that he would be in support of eliminating the tax on all manufacturing equipment, but opposes eliminating the tax just for aerospace companies. Manager Kroner responded that there is already a cluster of aerospace companies in Boulder County, but that the state of Colorado is not very Agenda Packet P. 7