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Cxty0f ECONOMIC VITALITY COMMITTEE <br />Louisville <br />COLORADO -SINCE 1.878 <br />SUBJECT: DISCUSSION/DIRECTION- ECONOMIC VITALITY STRATEGIC <br />PLAN NEXT STEPS <br />DATE: OCTOBER 16, 2020 <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />One of the priority items on the City Council's 2020 Work Plan is developing an <br />Economic Vitality Strategic Plan, including goals and implementation action items. This <br />plan has been a key focus item for the Economic Vitality Committee (EVC), though plan <br />development paused over the last several months to address business support due to <br />the COVID-19 pandemic. <br />DISCUSSION: <br />On June 2, 2020, the City Council approved the EVC's draft Vision Statement and <br />Strategic Goals. The EVC held a brainstorming session on September 1 focusing on <br />potential actions, programs, and strategies. Staff incorporated what was presented with <br />the additions and feedback received to create a plan matrix, which was then discussed <br />at the September 25 EVC meeting. <br />Revisions and Updates: <br />Following the meeting focused on Supporting Actions and associated tasks, staff has <br />made the following updates to the matrix (revised version is presented as Attachment <br />#1): <br />• Relisted Strategic Goals in an order of priority (one to five); <br />• Revised the Priority of the Strategic Goals so that there is a hierarchy from High <br />to Low; <br />• Made updates to Key Performance Indicators (KPIs); <br />• Reorganized the Supporting Actions by priority; <br />• Drafted Responsibility for each Supporting Action and Task; and <br />• Drafted Timing for each Supporting Action. <br />In the last meeting, the Committee prioritized all Strategic Goals as High or Medium. <br />Staff suggests that this should have more of a hierarchy, because not all goals can be <br />equally pursued or dedicated the same amount of resources. There is simply not <br />enough staff capacity. The revised version attempts to create the hierarchy, but the <br />Committee may wish to provide additional feedback on the reordering and Priority <br />labels. <br />The Committee requested that staff attempt to align the Supporting Actions in order of <br />priority. Generally, the Supporting Actions of the highest Priority should include a Timing <br />Agenda Packet P. 5 <br />