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SUBJECT: DEVELOPMENT UPDATES <br />DATE: JUNE 21, 2024 PAGE 9 OF 9 <br />Future Considerations for the BAP <br />The City may want to consider additional amendments to the BAP program in the future as <br />market and industry trends evolve. Regular review of the BAP program is crucial to ensure we <br />are offering incentives that are needed, relevant and competitive in the market. Incentives are <br />all rebates, so they are most often being given from new money. Competitive and clear <br />incentive programs help attract, retain and expand businesses within the City of Louisville while <br />showcasing our business community and providing a supportive environment for businesses <br />and employees to thrive. <br />FISCAL IMPACT: <br />Financial assistance through the Business Assistance Program is all provided on a case -by -case <br />basis and rebated from taxes and fees paid by the business. Due to these circumstances, no <br />yearly budget is allocated for the program. Incentives are paid from the revenues received by the <br />City from the business and are anticipated to be additional offset by the increase in fees and taxes <br />received from the new, retained or expanding entity. <br />The City does not budget an annual line item for incentives because they are all performance <br />based rebates and therefore rebated from new money being paid directly by the project. Staff <br />proposes this continue. Further, the application for enhanced support must contain information <br />on community impact. <br />RECOMMENDATION: <br />EVC review and provide staff feedback <br />ATTACHMENT(S): <br />None. <br />