Loading...
HomeMy WebLinkAbout2016 Resolution No. 104/ • • • RESOLUTION NO. 1 ()I SERIES OF 2016 A RESOLUTION APPROVlNG ENGLEWOOD'S ECONOMIC DEVELOPMENT PROGRAM AND SERVICES. WHEREAS, the Englewood Economic Development Program is designed to strengthen Englewood's economic base by providing a variety of existing and potential business constituencies with resources to improve their competitiveness, while enhancing and growing the community's vitality; and WHEREAS, in order to initiate business retention, revitalization, growth strategies and leverage City Resources Englewood's Economic Development Program and services has been developed with a goal of fostering job creation and educational training opportunities within the City of Englewood; and WHEREAS, the elements of the Englewood Economic Development Program include: Primary Employer Incentives -the program will include rebates of use taxes or permit fees associated with the build-out of space to accommodate primary employers; and Business Initiation Grant (BIG) -is intended to enable start-up businesses to receive a "leg-up" at the most critical time for the business and grant funding can be used by the business for any legitimate purpose to assist their efforts to get started (marketing, advertising, equipment, etc. Business Acceleration Grant (BAG) -the B_usiness Acceleration Grant (BAG) is intended to enable businesses that have been established in Englewood at least 2 years to receive grant funding to expand or improve their operations. Englewood Focused Business Training Programs -Englewood will enter into a partnership (through an impending intergovernmental agreement with a budget of $20,000) with the Aurora South Metro Small Business Development Center (SBDC) to provide business training programs and individual business consulting in Englewood for Englewood businesses. Small Business Training Grants (Program Scholarships)-for business entrepreneurs who want to grow their capacity and potential for success in Englewood, the program will offer scholarships to attend a training course that will be offered by one of the program's partners. Alliance for Commerce in Englewood (ACE) -the focus of ACE has been shifted from monthly meetings to having ACE members spend that period of time each month meeting with an Englewood business through a business visitation and outreach initiative . South Metro Enterprise Zone -the enterprise zone encompasses all of Englewood and the benefits of a business locating within the zone include valuable State of Colorado tax credits. Colorado Brownfields Revolving Loan Fund-Englewood's association with this consortium of cities that administer a loan program to foster redevelopment of environmentally challenging sites will continue as part of the new program. Commercial/Industrial Site Selection -the economic development program has a subscription to the CoStar site selection service and a secondary service from Xceligent is being added to provide comprehensive "site tours" of available properties to employers and businesses interested in location in Englewood. Englewood Business Resource Guide -in conjunction with the new orientation of the economic development program, a comprehensive Englewood Business Resource Guide will be published in web-based and hard copy formats. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ENGLEWOOD, COLORADO, THAT: Section 1. The City Council for the City of Englewood, Colorado, hereby approves Englewood's Economic Development Program and Services for the City of Englewood, Colorado. ADOPTED AND APPROVED this 17th day of October iO 16. 2 • • • • • • COUNCIL COMMUNICATION Date: Agenda Item: Subject: October 17, 2016 11ci Englewood's New Economic Development Program and Services Initiated By: Staff Source: Community Development Department Brad Power, Community Development Director COUNCIL GOAL AND PREVIOUS COUNCIL ACTION To initiate business retention, revitalization, growth strategies and leverage City resources . A goal of the Englewood's economic development program is to foster job creation and educational training opportunities. Englewood's economic development program was discussed at the October 10, 2016 study session . RECOMMENDED ACTION Staff recommends that City Council approve a Resolution to support policy changes to Englewood's new economic development program. The program is designed to strengthen Englewood's economic base by providing a variety of existing and potential business constituencies with resources to improve their competitiveness, while enhancing and growing the community's vitality. BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED The elements of the new economic development program will include: Primary Employer Incentives This program, with funding of $75,000 will include rebates of use taxes or permit fees associated with the build-out of space to accommodate primary employers. A primary employer is one that derives most of its income from beyond Englewood, thereby brining in new dollars to circulate within the local economy. The program would enable staff approval of this incentive up to $25,000 with City Council approval required for larger amounts. Each level of incentive is tied to a minimum number of jobs that should be created, a wage level above Englewood's median wage , and the employer should strive to hire Englewood residents for the new jobs . Business Initiation Grant (BIG) The Business Initiation Grant (BIG) is intended to enable start-up businesses to receive a "leg- up" at the most critical time for the business. The budget for this portion of the program will be set at $25,000 and grant funding can be used by the business for any legitimate purpose to assist their efforts to get started (marketing, advertising, equipment, etc.). Maximum grant awards of $2,500 will be provided to the business following the completion of a business training program offered by one of Englewood's new partner economic development agencies . Business Acceleration Grant (BAG) Funded at a budget of $50,000 the Business Acceleration Grant (BAG) is intended to enable businesses that have been established in Englewood at least two years to receive grant funding to expand or improve their operations. A maximum grant of $5,000 may be awarded following a review of a proposed business plan that will forecast the impact of expansion or improvement efforts . Englewood Focused Business Training Programs Englewood will enter into a partnership (through an impending intergovernmental agreement with a budget of $20,000) with the Aurora South Metro Small Business Development Center (SBDC) to provide business training programs and individual business consulting in Englewood for Englewood businesses. As a measure of the excitement for the new partnership, the SBDC chose to offer its Leading Edge program for small business planning at the Civic Center. That multi-week class is underway. The program will also enter into new programming concepts from the U.S. Small Business Administration and the existing partnerships with the Greater Englewood Chamber of Commerce and Arapahoe/Douglas Works will continue . The total budget for this portion of the program is Small Business Training Grants (Program Scholarships) For business entrepreneurs who want to grow their capacity and potential for success in Englewood , the program will offer scholarships with a maximum amount of $500 to attend a training course that will be offered by one of the program's partners . • Alliance for Commerce in Englewood (ACE) • The focus of ACE has been shifted from monthly 1.5 hour meetings to having ACE members spend that period of time each month meeting with an Englewood business . The ACE members will gather common information through a short questionnaire and the information will be reviewed and common themes identified in periodic meetings of ACE . South Metro Enterprise Zone The enterprise zone encompasses all of Englewood and the benefits of a business locating within the zone will be enumerated in the forthcoming Englewood Business Resource Guide. The $16,800 in grant funding that the City will receive in 2017 is used to cover staff time associated with the administration of the Enterprise Zone program. Colorado Brownfields Revolving Loan Fund Englewood's association with this consortium of cities that administer a loan program to foster redevelopment of environmentally challenging sites will continue as part of the new program . Commercial/Industrial Site Selection The economic development program has a subscription to the Costar site selection service and a secondary service from Xceligent is being added to provide comprehensive "site tours" of available properties to employers and businesses interested in locating in Englewood. Englewood Business Resource Guide In cooperation with the new orientation of the economic development program, a comprehensive Englewood Business Resource Guide will be published in web-based and hard copy formats. The guide will provide all of the information necessary for a business idea to be researched, started and operated within the City of Englewood . • • • • FINANCIAL IMPACT The economic development programs in Englewood will be budgeted at $150,000 for 2017, which is the same level as 2016. However, the 2017 funds will support a greatly expanded number of services and programs. An additional $20,000 from the Community Development Department's professional services budget will be used to support the proposed partnership between the City and the SBDC . The Commercial Catalyst program will end and be replaced by two specific business grant programs that will provide more businesses with the opportunity to receive grant funding (although at a smaller dollar maximum) at key stages in their life cycle. LIST OF ATTACHMENTS Resolution