Business Retention and Development Committee Agenda and Packet 2010 10 04

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Appendix A to the Economic Development Strategic Plan The Economic Development section from Louisville’s 2009 Comprehensive Plan: Given Louisville’s central location along the US 36 Corridor, between Broomfield and Boulder, the community is strategically located to capture its share of the region’s business growth. The level of investment that actually occurs within the community will be directly proportionate to the City’s commitment to its goals and vision (as expressed in this Comprehensive Plan Update), supportive policies, creative financial solutions and removal of barriers. Barriers to development of the concepts presented here fall within five principal categories – organizational, physical, market, regulatory and financial. Strategies for the removal of these barriers will be critical to the ultimate implementation of the Plan. Encouraging strategic investment in an environment that contains an appropriate mix of land uses and creates a unique sense of place has been identified as the central approach for targeting investment in key opportunity areas within the City. This premise assumes concentrating resources in these select areas, or nodes of activity and private investment that will have a positive economic ripple effect throughout the opportunity area and in surrounding neighborhoods. In this way, the City of Louisville (as a public partner) can effectively leverage public investment efforts to overcome barriers and achieve desired outcomes. The economic future of the City should depend on how effectively these leveraged efforts are implemented. It is also important to note the key role that residential development plays in attracting new businesses and retaining existing businesses in the community. A diverse housing base is one of the prominent criteria that businesses use to evaluate a community. The ability of a wide range of employees to live and work in close proximity not only increases business efficiency, but provides a higher quality of life for employees. This relationship between residential diversity and business growth should continue to be fostered in future economic development efforts. Principle ED-1. The City should retain and expand existing businesses and create an environment where new businesses can grow. Policy ED-1.1: The City should work to maintain a business friendly environment, where services to new and existing businesses are delivered in a timely and efficient manner at a competitive cost. Policy ED-1.2: The City should encourage employment centers that provide goods and services that will bring revenue from outside of the community into the community. Policy ED-1.3 : The City should focus on primary job creation that provides job diversity, employment opportunities and increased revenue for Louisville.