Economic Vitality Committee Agenda and Packet 2020 09 25

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Cxty0f ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1.878 SUBJECT: DISCUSSION/DIRECTION- ECONOMIC VITALITY STRATEGIC PLAN NEXT STEPS DATE: SEPTEMBER 25, 2020 PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR SUMMARY: One of the priority items on the City Council's 2020 Work Plan is developing an Economic Vitality Strategic Plan, including goals and implementation action items. This plan has been a key focus item for the Economic Vitality Committee (EVC), though plan development paused over the last several months to address business support due to the COVID-19 pandemic. DISCUSSION: On June 2, 2020, the City Council approved the EVC's draft Vision Statement and Strategic Goals. Revised Key Performance Indicators (KPIs) have also been crafted for the Economic Prosperity Program. Based on the outlined planning process, the next area to address are Supporting Actions for each Strategic Goal. The EVC held a brainstorming session on September 1 (reference Attachment #1 for presentation) focusing on potential actions, programs, and strategies. Since that time, staff has incorporated what was presented with the additions and feedback received to create a plan matrix (included as Attachment #2). Staff has also drafted some tasks or sub -actions to the Supporting Actions discussed earlier in the month. Where feasible, Responsibility for the Action has also been designated. This session is another opportunity review the Supporting Actions, in context of the likely tasks required to consider the Action "complete," and make sure there is understanding and commitment to those plan components. Staff has not yet drafted many tasks under the Green Practices goal, so this area will need more input and development. The EVC has arrived at a very sticky part of the planning process —it is time not only to consider the items that are desirable, but to put into context the resources required to make those desires possible. The discussions from this point forward will also need to continually touch on priority, measurement, and timing. Staff suggests the following questions and prompts can guide next steps: • Are the Strategic Goals listed in the appropriate order of priority? If not, they should be re -ordered. o What is the overall priority level of each goal (low, medium, or high)? • Do the suggested KPIs fit with the Strategic Goals as written? o Will the KPI help you determine if a goal is successfully accomplished in the next three to five years? Agenda Packet P. 8