Laserfiche WebLink
Metadata
Document management portal powered by Laserfiche WebLink 9 © 1998-2015 Laserfiche. All rights reserved.
LCityof <br />Louisville <br />COLORADO • SINCE 1878 <br />ECONOMIC VITALITY COMMITTEE <br />SUBJECT: HIGH LEVEL OVERVIEW AND DISCUSSION OF POTENTIAL <br />INCENTIVE PROGRAMS <br />DATE: SEPTEMBER 4, 2024 <br />PRESENTED BY: VANESSA ZARATE, CECD, ECONOMIC VITALITY MANAGER <br />SUMMARY: <br />The Economic Vitality team, through City Council, provides the business community <br />with various incentives through the Business Assistance Program. In addition, the <br />Louisville Revitalization Commission provides various incentives to businesses and <br />property owners within the urban renewal boundaries. Incentives provided by the City of <br />Louisville are performance and rebate based, providing positive direct and indirect <br />impacts to the City of Louisville. <br />At the August 2024 Economic Vitality Committee meeting, the EVC expressed interest <br />in exploring additional incentive programs to assist businesses currently in the City of <br />Louisville and those exploring moving into the City. Staff is presenting today some very <br />high-level ideas of potential incentives. These incentive programs are currently not fully <br />vetted nor has any corresponding policy been drafted. The intent of the conversation <br />today is to express a variety of different incentive options that have been implemented <br />elsewhere and see where EVC thinks these incentives might align with community <br />goals. Based on this feedback, staff will better be able to prepare incentive proposals. <br />Amend Existing Business Assistance Program (BAP) for Existing Businesses <br />Our current Business Assistance Program provides assistance to businesses newly <br />locating into Louisville or undergoing a qualified expansion within Louisville. All of our <br />incentive components are for a set duration of time and include a cap setting the <br />maximum amount of potential incentive rebate. <br />The EVC suggested amending the BAP program so that existing, non -expanding <br />businesses may also be eligible to receive incentives. This would allow any business <br />within the City of Louisville to apply for a BAP package and potentially receive a rebate <br />incentive. <br />To effectively and responsibly expand the BAP to include existing businesses, we must <br />consider business eligibility and availability of funds. If all businesses are made eligible <br />for an expanded BAP incentive, it could create a situation where every Louisville <br />business could apply for and receive a BAP package. In order to equitably expand the <br />program, we must consider criteria around business eligibility. If only some businesses <br />are eligible for the program, how will the City address negative sentiment from those <br />businesses that are not eligible for a rebate. In addition, if the City chooses to rebate <br />