Economic Vitality Committee Agenda and Packet 2024 09 04

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SUBJECT: INCENTIVE IDEAS DATE: SEPTEMBER 4, 2024 PAGE3OF4 During the COVID-19 pandemic, many communities provided grants to businesses to assist with continued operations and support. These grants were most often provided from various federal funding resources made available to communities during the pandemic. The City could explore various grant opportunities and would need to determine eligibility, grant amounts and where the funds would be allocated from. One potential grant program could be Construction Impact Grants. These grants could be provided to businesses that are being impacted by a significant construction project that is not their own. This could apply to businesses that are being impacted by a significant utility/road project or road closures due to a new project's construction. This would not be intended to assist with short closures such as a few days or nights, but long term construction projects that could impact a customer's ability to get to the business. Public Private Partnerships Public Private Partnerships (P3) can take many forms and are often a collaboration between the public sector, the private sector and a non-profit. P3s can result in one entity owning land, and one operating the building or one owning land and multiple leases operating components of the project. These can be seen in projects such as sports complexes where the City may own the land and they partner with various entities to build and provide each of the athletic components. These can also be seen in some community spaces such as the City owning the land and building, with non -profits and other entities either renting space for lease or somehow else providing programming within the building. The City would need to determine appetite for a P3, identify parameters and potential funds for implementation. This would be a short through long term identification for partners, programming and overall operations. Non -Monetary Support Some communities identify incentive categories that are not monetary in nature, most often related to length of a process or streamlining the process itself. For example, a project could be deemed economically significant, which would allow for the project to receive expedited review or be able to skip certain steps in the process. The City would need to determine project eligibility, project support, what the incentive could be and identify staff needs. Often, the biggest commitment to non -monetary support is the staff time and availability needed to achieve an expedited process, while also keeping all other projects on their timelines. Programmatic Support There are multiple state through federal programs that are not direct monetary contributions from the City, but assist businesses through support with additional programs, training, promotion and potential grants and monetary rebates. These CITY COUNCIL COMMUNICATION