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SUBJECT: DEVELOPMENT UPDATES <br />DATE: JUNE 21, 2024 PAGE 2 OF 9 <br />effective following voter approval. In 2023, the City approved an amendment to the Business <br />Assistance Program to codify the practice of rebating a portion of the City's consumer use tax <br />under a BAP agreement. A definition of "consumer use tax" has been added to the Business <br />Assistance Program and the definition of "fees" has been expanded to include the amount of <br />consumer use taxes collected. As part of this amendment, new language requires that businesses <br />remain open for 10 years following the issuance of a certificate of occupancy or pay back 10% of <br />assistance for each year out of the 10 that they failed to remain open. <br />Staff is proposing a new amendment to the BAP to allow for additional assistance for Boulder <br />County's targeted industries. <br />Boulder County's Targeted Industries <br />Boulder County's Targeted Industries are Aerospace, Bioscience, Cleantech, IT/Software, <br />Natural Products and Outdoor Recreation. Targeted industries are industries that have been <br />identified as providing significant economic benefits, including the creation of high -paying <br />employment opportunities, the expansion of the tax base, and/or the elevation of the community's <br />quality of life. Communities can pick their own targeted industries and targeted industries can be <br />identified on the municipal, county and state-wide level. Boulder County's targeted industries, for <br />this purpose, are those identified by the Boulder Economic Council. <br />Colorado's Office of Economic Development and International Trade (OEDIT) is the state's <br />economic development arm and identifies their priorities by Key Industries. Their key industries <br />are Advanced Manufacturing, Aerospace, Bioscience, Creative Industries, Defense & Homeland <br />Security, Electronics, Energy & Natural Resources, Financial Services, Food & Agriculture, Health <br />& Wellness, Infrastructure Engineering, Technology & Innovation, Tourism, Outdoor Recreation <br />and Transportation & Logistics. OEDIT creates programs to assist community's targeted <br />industries across the state to include targeted incentives, workforce programming, technical <br />support and more. <br />In Louisville, we are operating within a larger ecosystem that includes our neighbors in Boulder <br />County and largely across the Denver Metro. We need to be competitive to attract and retain <br />businesses while setting the stage for expansion. Incentives are a way to remain competitive and <br />ensure that the business climate and operating environment can support business sustainability <br />and growth. <br />Louisville is located in a prime location with easy access to Boulder, Denver and other <br />communities across the metro and state. Some key advantages for all industries locating in <br />Louisville include proximity and access to a highly educated workforce, partnerships with <br />institutions such as University of Colorado Boulder, hospitals, research institutions, national and <br />federal labs and agencies and access to vast open space and outdoor recreation amenities. <br />Aerospace Industry <br />Aerospace is an identified targeted industry for both Boulder County and the State of Colorado. <br />Aerospace thrives in Colorado for many reasons including concentration of commercial and <br />academic space assets and concentration of military and government partners. Colorado has the <br />second largest space economy in the U.S. and Colorado's central location within the United <br />