Economic Vitality Committee Agenda and Packet 2024 04 25

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Economic Vitality Committee Meeting Minutes March 15, 2024 Page 2 of 5 Historic Preservation Fund, Bag Tax Funded Sustainability Programs, Louisville Revitalization Commission (LRC) programming, and Office of Economic Development and International Trade (OEDIT) grant and funding opportunities. Councilmember Bierman asked whether any of these incentives can be used as a retention tool for existing businesses that were not able to take advantage of them previously. Manager Zarate responded that none of these incentives are retroactive, but added that staff is exploring changes to the Business Assistance Program intended to help existing businesses to expand. She also commented that Economic Vitality provides many non -financial business retention services to existing businesses. Regarding the LRC programming, Chair Dickinson asked whether these programs were used for Radiance MedSpa. Manager Zarate and Specialist Brown confirmed that Radiance MedSpa received both Property Tax Increment Rebate Assistance and Fagade Improvement Program funding. Councilmember Fahey asked if receiving preservation funds prevents a structure from being torn down in the future. Director Zuccaro confirmed that once the property is landmarked, the designation runs with the land and would still be in place for a future owner. Chair Dickinson commented that it's important to recognize that, similar to other jurisdictions, Louisville does have incentives in place to help businesses either move to Louisville or relocate within Louisville. However, he noted that Economic Vitality does not currently have any tools to specifically incentivize certain industries or types of businesses. He mentioned that at one point in the past, Louisville prioritized restaurants in the downtown area. He concluded that Louisville should be looking at what the incentive program does and does not do. Manager Zarate added that the majority of incentives are given from new money, meaning money that the City would not have if not for that particular business coming to Louisville. She also mentioned that there are many non -financial tools that can help businesses be successful in Louisville. Chair Dickinson acknowledged that while incentive money comes from funds that the City would otherwise not receive, it is the City's responsibility to direct that revenue responsibility. He also wondered whether it makes sense to incentivize businesses that would likely be coming to Louisville anyway. He added that he hears a lot of conversation around bringing small retail businesses back to Louisville