Laserfiche WebLink
city0f ECONOMIC VITALITY COMMITTEE <br />Louisville <br />COLORADO -SINCE 1878 <br />SUBJECT: DISCUSSION/DIRECTION- STRATEGIC PLAN ACTION #5-3: <br />DEVELOP UNDERSTANDING OF INCENTIVES TO <br />ENCOURAGE BUSINESSES TO UNDERTAKE NEW, <br />SUSTAINABLE PRACTICES <br />DATE: OCTOBER 21, 2022 <br />PRESENTED BY: AUSTIN BROWN, ECONOMIC VITALITY SPECIALIST <br />SUMMARY: <br />The Economic Vitality Strategic Plan contains Action #5-3: "Develop understanding of <br />incentives to encourage businesses to undertake new, sustainable practices." This item <br />is scheduled for Q4 2022. <br />DISCUSSION: <br />The City of Louisville currently offers a Business Assistance Program (BAP) that <br />provides rebates for businesses locating or expanding within Louisville. The current <br />incentives include: <br />• Building Permit Fee Rebates <br />• Sign Permit Fee Rebates <br />• Construction Use Tax Rebates <br />• Sales and/or Use Tax Rebates <br />• Vacancy Bonus <br />The EVC asked staff to explore sustainability incentives that will assist businesses in <br />new sustainable construction or upgrading to more energy efficient equipment. The <br />City's currently offers two types of financial assistance: rebates and incentives. Staff <br />feels that rebates and/or incentives could potentially be used to encourage sustainable <br />building. Possible options for financial assistance include: <br />• Additional Consumer Use Tax rebates for equipment that meets energy <br />efficiency standards <br />• Incentives or bonuses for buildings that meet energy efficiency standards <br />Staff previously explored sustainability incentives in 2021 as part of the BAP program <br />analysis. At that time, staff suggested evaluating incentive stacking related to Xcel <br />Energy's existing programs. The City of Westminster supports businesses in stacking <br />incentives on top of what they are eligible to receive from Xcel Energy, up to an amount <br />of $5,000 per business. This would be a way to take advantage of a systematized <br />program where Xcel already has program requirements and performs all the <br />verifications. The stacking simply provides additional incentives to make the <br />improvements. Importantly, Xcel Energy could provide reporting to the City that would <br />make verification and rebates possible. <br />Agenda Packet P. 11 <br />