Economic Vitality Committee Agenda and Packet 2024 03 15

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SUBJECT: INCENTIVES OVERVIEW DATE: MARCH 15, 2024 PAGE 2 OF 3 In addition, the City provides other incentives as relevant to the business or organization. One example is the Bag Tax Funded Sustainability Programs. This program provides a $1,000 grant to eligible businesses to assist in sustainability efforts and is available as funding allows. The Louisville Revitalization Commission (LRC) provides incentives in the form of a Fagade Improvement Program, Public Infrastructure Assistance, Property Tax Increment Rebate Assistance, and potentially through a not -yet -approved but proposed Property Improvement Program. These programs are available to businesses located within the Highway 42 Urban Renewal Area (URA). The Fagade Improvement Program provides reimbursement, on a sliding scale, for approved permanent improvements to the outside of commercial buildings. Public Infrastructure Assistance provides a reimbursement (to the business or developer) for approved infrastructure improvements that have a public benefit, eliminate blight and stimulates private investment. The Property Tax Increment Rebate Assistance (direct financial assistance) provides a property tax rebate, based on the incremental increase in assessed valuation for the property, for projects that provide public good, eliminate blight and may not otherwise be possible without financial assistance. The LRC is in discussions to create a new program, the Property Improvement Program. If adopted, this program would allow funding for permanent interior upgrades to existing buildings within the Highway 42 URA. The LRC anticipates making a decision in Q1 or Q2 2024. The LRC funds all projects on a case -by -case basis and reviews each project independently. The LRC is funded by property tax within the Highway 42 Urban URA and the funds must be spent within that area. The LRC aims to reduce, eliminate and prevent the spread of blight. The State of Colorado has many incentive/grant/funding opportunities, mainly through the Office of Economic Development and International Trade (OEDIT). OEDIT program focus includes tax credits, funding, and job training programs. They offer over 100 different programs and funding opportunities for businesses across the state and work closely with their local counterparts to support business success. Some incentives include new job growth credits, location neutral employee incentives, job training, advanced industries accelerators, and the state's Enterprise Zone Program. OEDIT offers programs for new, expanding and relocating businesses. The State of Colorado also has a tax incentive program for locally Iandmarked properties through the Preservation Tax Credits program. There are additional business incentive opportunities available through federal agencies and various organizations. The city works with local, county, state, and federal partners CITY COUNCIL COMMUNICATION