Economic Vitality Committee Agenda and Packet 2024 04 25

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Economic Vitality Committee Meeting Minutes March 15, 2024 Page 3 of 5 and asked if staff could bring back a couple of options intended to incentivize retail businesses. Director Zuccaro commented that land use decisions can impact viability of market conditions for businesses and stressed the importance of understanding how Louisville compares to surrounding jurisdictions in retail leakage, rental rates, and vacancy rates. Public Comment from Councilmember Kern: Councilmember Kern asked if there are any incentives other jurisdictions that have been successful in revitalizing their downtown area are offering that Louisville may not be. Manager Zarate responded that she did look at the incentives that many neighboring communities offer and that staff will continue to monitor these areas. Councilmember Kern also asked what sort of proactive advertising or outreach staff can do, or what kind of information is out there to encourage new businesses to come to Louisville. Manager Zarate responded that while the State of Colorado and the Metro Denver Economic Development Corporation handle most of the attraction and recruitment of large businesses, staff works closely with brokers regarding new opportunities and sites. Director Zuccaro added that staff also talks with major landowners and major retailers regarding opportunities. The City also did a market study to determine what might be feasible in the McCaslin Corridor. Councilmember Fahey asked if there has been any outreach to businesses asking what they might need or what might make Louisville more attractive or viable. Director Zuccaro noted that he has heard uncertainty of the review process can be a disincentive for Louisville. Manager Zarate agreed with this statement. Chair Dickinson asked whether this problem is unique to Louisville. Director Zuccaro and Manager Zarate agreed that this is a common problem in government, but acknowledged that Louisville does have some policies that can exacerbate the process. Councilmember Bierman asked how we can change the perception or reality that Louisville start from a "no". He added that this uncertainty is a big risk that any developer would be taking on. Manager Zarate responded that each public hearing that a development goes through adds to the risk. Director Zuccaro added that the City recently adopted a Concept Plan Review and wondered if by -right administrative site development plans could be the next step in improving this process.