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City Council Study Session - 2011-11-29 - Presentation: Update on the Economic Vitality Program Boulder City Council Study Session Discussion of 2012 State and Federal Legislative Agenda November 29, 2011 Boulder City Council Study Session Update on Economic Vitality Program November 29, 2011 Economic Vitality Program • Updates on the core areas of the EV program • Two key policy issues: -Guiding principles for business retention/expansion - Proposed 2012 economic sustainability study of Boulder's primary employers' needs Economic Vitality ECONOMIC Part of the city's VITALITY sustainability plan • Coordination of multiple departments kY,. • Partnerships with other agencies to CITY ~~MEp ~L~~ leverage resources Business Assistance & Service Improvements • Improve delivery and coordination of city I services to business customers _ New business web portal • Survey business customers City of Boulder Business Portal • www.bouldercolorado.gov/business • Provides easy access to the city's business services and resources Lariquage 101;~Offl '.'~-ath-, 5~&Fl d'al Nem~ IWaMTa.. GlyA-Z Burinon Ruid~M 1rniEer &ewrnm~M N~wsroem bha 6mo,# V4Ry Welcome to the City of &.ira ikrel !kw Yaiiraa Boulder's FAQT Gdewa uu -77-7 s PMn,L Eris'nessWeet, (ills Boulder the best placeto start a business it) Colorado. Thevknow what war ux.. s v.y..M. oa,~wr►HU. businesses tlirive FirviannaRal 5u~tairh~y ha¢am~ new equipment, Boulder viants to help you Usa tire t ab; above to find i esoul C-S based on diat wM ea. itaga you, business is in. .O Ei L- Development & Redevelopment Projects 11 t" &Pearl - Golden Buff site - Diagonal Plaza _ r i Civic Center µ - Boulder Junction U `-L S fir. f I' Business Incentives Flexible Rebate Program a, Microloan Program Parks & Recreation Employee Discount Program Flexible Rebate Program • For primary employers • Compliance with environmental, social, and community sustainability guidelines • Return on investment (ROI) analyses: calculated for each application and for each program year • Companies receive their rebate after making their investment and paying - ~ taxes/fees to the city ` 2010 Flexible Rebate Recipients Mountainside Medical $50,000 Precision Wind $25,000 Covidien $75,000 Trada $5,366 SpectraLogic $65,000 Microsoft $50,000 Rally Software $50,000 Total Awarded $320,366 • 2010 ROI: For every $1.00 rebated, city receives $10.93 in revenue. 2011 Flexible Rebate Recipients • Dec. 1 deadline • Applications received to date: -Eetrex -Juwi Wind -Salewa -LogRhythm -Tendril Microloan Program • Provides access to capital for small businesses • Total loan pool of about $600,000 has funded 19 loans to small businesses ranging from a hair salon to a restaurant First National Bank Colorado ale enterprisef end Partnerships & Sponsorships • City of Boulder • Boulder Economic Council III • Boulder Innovation Center • Boulder Chamber ~ • Naturally Boulder • Small Business Development Center • Boulder Independent Business Alliance Business Outreach Program • Outreach team meets monthly • Focuses on primary employers, building relationships Bo r • Priority given to retention Economic Council clients and new or fast- growing companies • 83 businesses visited or contacted in 2010-2011 Boulder Economic Council (BEC) is Key partner in business retention and outreach efforts • BEC -City contract for services: - ROI of flexible rebate program -Assist with microloan, data development - Business service /climate survey Boulder Business Service Survey ~ BEC Survey: Assess the current business climate & evaluate quality of service T-~ Overall, businesses were satisfied with the service they received • Survey identified areas with room for improvement Business Climate Survey Businesses: generally optimistic about the f~ city's economic future- many plan to expand Overall business climate in Boulder is improving„, e IS - ems` ~ t 4 AN jAM . ■i~r 4 s.;' 1. 'F y g YlnntrnttttHY tYrutt ?nsrri, x Il Y t1= 1 ~ ~ 'I Boulder Small Business Development Center (SBDC) • Assists established and emerging companies • Expert consulting, practical business training and connection to resources i ~ N C T W O R K i1 , Boulder Innovation Center (BIC) • Anon-profit "virtual incubator" • Focuses on commercializing technology from the University of Colorado (Boulder) and the Colorado School of Mines (Golden) Boulder Innovation Center Question #1: Does the City Council have questions or feedback related to activities of the Economic Vitality Program in 2010 and 2011? Business Retention & Expansion • Many "homegrown" primary employers • Increases in employee growth & space needs = high number of business retention clients PI. :76 s' Current BR&E Challenges • Most growing companies want to stay in Boulder a ' • Increase in larger primary employers • Older buildings • Little vacant commercial land Space Needs Based on 6 Current Retention Clients In next 1-3 years: Avery Brewing Google Rally Software RealD SparkFun Trada Estimate: 600,000 total square feet space needed • • InOL:= Inspired Life Science Technology zmz- doom Mau f PP" MINQ § 4 e r s r r _ f I AV, 1 ~ • ♦ r _ - , Inverger - _ 6~L coRTCHEESE, PEST O f A ITA[RNSRU$AGEIi CARAMELI2E harn AAQ CHICKEN 6 MOZZARELLA o vvmun eamaaE ,3svao[Eia ranxeys¢nic~fh 4 rl ~ s. ?w t* gaA 19VQll ■fll 1 YCUA 6LNfPSfI ~~'LtJ r- WHAM Pr ■ `1~_ FAITIf~ CNICRfN t flu CILANTRO LINE r EOOEB CHICK[% I 9VOI. BEEF r burritos _ ~E~ trail, w trada I v+da V _S 1 I 4 6 ~ Draft Principles for BR&E • Retention/expansion takes priority • Understand/address current and future needs • Retain entrepreneurial start-ups as a priority • Support companies in key industries • Context of regional business retention • Provide good customer service • Outreach efforts are primary tools Question #2 Does the City Council have feedback on the draft guiding principles for business retention and expansion in 2012? Current Issues & Emerging Trends • Based on needs of primary employers • Limited availability of large commercial space • New or changed uses affect space availability • Lack of services/amenities t?. him - - .1 ~tx-` r! •wr l ~ol ! f tip: r -aw t F' ay t Y c a 6*4 i ~ i-J~ . ~ C ~ ~ - ,i _ i - _ - ~ if ~ ~r~ ~ l 1 i ~ _ ~ ' ~ ~ ~ "Fix ~{I' s a h c+~+i Yr! e Space Availability BEC Survey: in the next year 1A. - 26% of Boulder employers will r~r need more space r LIY~i ~ ~«~M''~nY • ~e`~ ~ ~ ~ M' 'ld`71 e 1 . - a% Proposed Economic Sustainability Study: Phase 1 • Profile of Boulder's business community • Specific issues, needs, challenges of Boulder's primary employers • Identify key trends by sector Proposed Economic Sustainability Strategy: Phase 2 • given constrained land area? • How to accommodate primary employers? Y • Incentives to encourage upgrades? Nk" • Area plans? Zoning changes to consider? • Energy efficiency and • reduction goals? Question #3: Does the City Council have feedback on the draft scope of activities proposed for an economic sustainability study focused on Boulder's primary employers in 2012? Next Steps Based on City Council feedback: • Scope of work for -Phase 1 economic sustainability study -Phase 2 strategy development • Continue: business outreach/retention efforts, service improvements, redevelopment efforts, key partnerships and sponsorships Questions for Council: 1. Does City Council have questions or feedback related to the activities of Economic Vitality Program in 2010 and 2011 ? 2. Does City Council have feedback on the draft guiding principles for business retention and expansion in 2012? 3. Does the City Council have feedback on the draft scope of activities proposed for an economic sustainability study focused on Boulder's primary employers in 2012?