Economic Vitality Committee Agenda and Packet 2022 11 18

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Cityof ECONOMIC VITALITY COMMITTEE Louisville COLORADO -SINCE 1878 SUBJECT: DISCUSSION/DIRECTION- STRATEGIC PLAN ACTION #5-3: DEVELOP UNDERSTANDING OF INCENTIVES TO ENCOURAGE BUSINESSES TO UNDERTAKE NEW, SUSTAINABLE PRACTICES DATE: NOVEMBER 18, 2022 PRESENTED BY: AUSTIN BROWN, ECONOMIC VITALITY SPECIALIST SUMMARY: The Economic Vitality Strategic Plan contains Action #5-3: "Develop understanding of incentives to encourage businesses to undertake new, sustainable practices." This item is scheduled for Q4 2022. DISCUSSION: The Economic Vitality Committee (EVC) previously discussed sustainability incentives during its October 21 meeting. Meeting materials from October 21 are included as Attachment #1. During the October meeting, the EVC requested that this item come back for additional discussion during its November meeting. The Committee also requested that the Sustainability Coordinator be present for the November discussion. Staff is working with the Sustainability Coordinator to compile a list of sustainability incentives that are currently available to new and existing Louisville businesses. As discussed during the October meeting, Boulder County Partners for a Clean Environment (PACE) currently serves the "navigator" role of connecting businesses with available incentives. PACE has worked with more than 2,000 businesses across Boulder County to access rebates, incentives, and financing that help them realize their sustainability goals and make smart investments in their business operations. Businesses can reach out directly to PACE to connect with a business sustainability advisor and schedule a free energy assessment. PACE also offers a Small Business Equity Program, which includes grants for refrigeration and restaurant equipment, solar equipment, and lighting upgrades for businesses with a total operational square footage of 2,500 or less. In addition to these grants, PACE provides businesses with many sustainability resources including a list of contractors that have completed energy efficiency projects, information on commercial energy loans, and links to programs and services designed to assist sustainability upgrades. The October discussion spawned the question of whether incentives should help new businesses that would be required to meet the new Commercial Energy Code, or whether they should incentivize existing businesses to improve their efficiency. While PACE provides resources to both new and existing businesses, very few incentives will align perfectly with the new code. As a reminder, the first reading of the Commercial Agenda Packet P. 9