Economic Vitality Committee Agenda and Packet 2024 10 02

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Economic Vitality Committee Meeting Minutes September 4, 2024 Page 2 of 6 was more informational with the City updating the businesses on City happenings. Manager Zarate commented that she anticipates attendance will improve as the meetings continue and become more regular. She noted that time and consistency will help. Councilmember Bierman wondered if perhaps the meetings are aimed at too small of an audience. Chair Dickinson added that the City had Business Forums in the past aimed at all businesses in Louisville. He shared that it was nice to have a lot of businesses in attendance but felt that it was more difficult to have meaningful conversations. He felt that there's a balance that still needs to be found. Manager Zarate added that there are four more meetings scheduled this year and she expects better impact if the events are to continue in 2025. Public Comment from Eric Reed: Mr. Reed commented that there is value to the Business Beat meetings, but agreed that it is often the same people that show up to the meetings. He added that the Chamber has some networking events planned and that they will promote the Business Beat roundtables. 7. Incentive Program Discussion: Manager Zarate summarized last month's discussion on incentives and presented a couple of high level programs that the EVC may want to consider for implementation. The presented options included amending the existing Business Assistance Program (BAP), a loan program, rent assistance, an Economic Vitality Tax, grant programming, public private partnerships, non - monetary support, and programmatic support. Amend the Existing BAP Program Councilmember Bierman commented that he would like to see a retention component added to the existing BAP program that helps provide support to existing businesses. Chair Dickinson agreed that Louisville can be at a competitive advantage when existing Louisville businesses are relocating without expanding and Louisville is not able to offer any financial support to keep the business in Louisville. Public Comment from Eric Reed: Mr. Reed agreed that the lack of available financial support can be frustrating for existing Louisville businesses that were not able to take advantage of the BAP program when they first moved to Louisville. He added that he appreciates the Facade Improvement Program and other programs that can offer some support to existing businesses, and wondered whether the BAP program could provide additional incentives for existing businesses that have been in Louisville for a certain number of years.