Economic Vitality Committee Agenda and Packet 2024 03 15

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LL Cityof ECONOMIC VITALITY COMMITTEE Louisville COLORADO • SINCE 1878 SUBJECT: INCENTIVES OVERVIEW DATE: MARCH 15, 2024 PRESENTED BY: VANESSA ZARATE, ECONOMIC VITALITY MANAGER SUMMARY: Businesses operating within the City of Louisville have multiple opportunities to receive incentives from the City, the Louisville Revitalization Commission and other partner resources such as the State of Colorado. Incentives can be in the form of grants, very low -interest loans, rebates, in -kind help, and technical assistance. There are assistance opportunities available to most businesses, most of which are performance -based incentives. The City of Louisville has two main incentive programs- the Business Assistance Program and the Historic Preservation Fund. The Business Assistance Program (BAP) is run by the Economic Vitality team and approved by City Council. The BAP is aimed at providing financial assistance for new and expanding businesses in the City of Louisville. The program is flexible to the business' needs and can include building permit fee rebates, sales tax rebates, construction use tax rebates and consumer use tax rebates. Generally, the rebates are between 40-50% of the related fee/tax. As of 2020 the program has created over 1,800 jobs and retained nearly 1,500 jobs. The Historic Preservation Fund is run through the Historic Preservation Planner and is approved by the Historic Preservation Commission and City Council. The Fund provides assistance to residential and commercial landmarked buildings and structures protected by conservation easements. Louisville has a voluntary preservation program, with dedicated sales tax funding. In 2008, residents approved the nation's first local sales tax dedicated to historic preservation. Through this historic preservation sales tax, voters chose to have a one -eighth percent tax collected, retained, and spent exclusively for historic preservation purposes. The tax was approved again in 2017 and extended through 2029. The Historic Preservation Fund provides multiple opportunities for commercial corridor/building engagement. There are grants available for Historic Structure Assessment (needed prior to landmarking and additional funding), "thank you" bonuses for landmarked property owners, as well as matching grants and loans that support preservation, restoration, rehabilitation, and new construction projects. Historic Preservation Fund programming cannot be used for interior improvements or remodels that do not relate directly to the preservation and rehabilitation of the building.