Business Retention and Development Committee Agenda and Packet 2010 10 04

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Implementation The economic development effort in Louisville involves business retention, business recruitment, marketing, and partnerships. The current work plan items cover all four of these efforts, as well as assessment measures. Business Retention – One of the most fruitful economic development activities is to strengthen and support the existing businesses. Studies indicate that up to 80% of all new jobs come from existing business. In addition, strong municipal support of existing businesses sends a positive message about Louisville to any prospective new business. Our current businesses can be our best cheerleaders. Business Retention Work Plan Elements: Perform a series of annual retention visits with both retail and primary employers; Produce Annual Report, noting problem areas and opportunities. Maintain a good working relationship with the Chamber of Commerce and Downtown Business Association; become a regular attendee of their events in order to foster contact with the business community. Host a Corporate Facilities Round Table (How a community prepares for a large corporation). Host a regular series of CEO Forums. Supporting Comprehensive Plan policies: ED 1.1, 1.4, 1.6 Business Recruitment and Retention – Many economic development activities support both retention and recruitment, including the work items below. Business Recruitment and Retention Work Plan Elements: Maintain sufficient budget to conduct necessary corporate relocation prospect trips. Participate in ICSC in Las Vegas. Oversee Business Assistance Program administration Co-Host a Commercial Broker Open House in Louisville Supporting Comprehensive Plan policies: ED 1.2, 1.3, 1.5 Business Recruitment – The persons responsible for business site selection decisions rely first on publicly available information. Often, city staff will be contacted in person only after complete review of the publicly accessible information. Therefore, Louisville’s website, in particular the Business Retention and Development site, must portray an accurate and high quality image. Second in importance is our printed marketing material. Business Recruitment Work Plan Elements: Update targeted marketing and demographic material for the City and make accessible on city’s website. Annually update Community Profile information and regularly review and update BRaD website.