Business Retention and Development Committee Agenda and Packet 2020 09 14

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CXtY°.f BUSINESS RETENTION AND Louisville DEVELOPMENT COMMITTEE COLORADO -SINCE 1.878 SUBJECT: DISCUSSION- LOUISVILLE'S RECOVERY & IMPROVEMENT PROGRAM UPDATE DATE: SEPTEMBER 14, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: Staff has previously provided the BRaD Committee with information about the Recovery & Improvement Matching Grant program that was under development. The program was officially adopted by City Council on August 11, 2020. DISCUSSION: Please see Attachment #1 for the complete agenda materials from the August 11 Council meeting. The approval concurred with the Economic Vitality Committee's (EVC's) recommendation for $150,000 of initial funding. Councilmembers were supportive of the program and discussed the potential projects businesses might pursue as well as the target audience for funding. Though the idea was again raised about whether the program should be restricted to certain size or type of businesses, it was agreed the amount of funding and timing would likely be some limitation to the funding being allocated to only large businesses. City Council only made one small amendment to the project criteria as presented, which is shown below: • Program Criteria #1 (from draft application): Project provides for restructuring, retooling, or implementing best practices in a business operation, consistent with public health guidance for physical distancing or sanitation. • Adopted Criteria #1: Project provides for restructuring, retooling, or implementing best practices in a business operation that addresses applicable public health guidance for physical distancing or sanitation. An additional component of Council consideration was a template agreement. Applicants approved for funding will be required to enter into an agreement with the City, and Council's action permits the City Manager to administratively approve such agreements. Having received approval of the program, staff has launched a dedicated program webpage (https://www.louisvilleco.gov/doing-business/economic- development/incentives-and-grants/recovery-and-improvement-grant-program), drafted an electronic application form, and is starting promotion and outreach activities. The first program announcement was distributed on August 20 and the program officially opened on September 3. The program application form is included as Attachment #2. Program applications will be accepted through December 31, 2020, or until funding is allocated. Staff will update the City Council on applications and approvals on a regular Agenda Packet P. 10