Agenda Date: 08/06/2024
Subject:
Title
Resolution 84-2024: Adopting the City's Updated Economic Incentives Policy
Body
From:
James L. Becklenberg, City Manager
Prepared by:
Brian Garner, Interim Economic Development Director
Presentations:
Brian Garner, Interim Economic Development Director
Jamie Crout, Economic Development Specialist II
PURPOSE:
To consider approval of the updated Economic Partnership Incentives Policy.
LONG-TERM OUTCOME(S) SERVED:
Robust and Resilient Economy
DISCUSSION:
Economic incentives are a strategic economic development tool offered by cities, counties, and states to remain competitive in business attraction and retention. They are used to partner with private developers to boost confidence that a project will benefit both the community and be profitable for the developer while delivering the level of infrastructure and community compatibility desired.
Littleton is currently competing with other communities with aggressive incentive opportunities for regionally attractive retail and entertainment amenities. The city has also prioritized the revitalization of commercial corridors in the community. The incentives policy highlights the revitalization grants that have been in place for a number of years that help small businesses compete, which, in turn contributes to a robust and resilient economy.
The city has approved one incentive agreement so far this year and is aware of several economic incentive applications that will require City Council consideration in the coming months. Economic Development staff has worked to update the Economic Partnership Incentives Policy to be more relevant and strategic, directly reflecting City Council policy interests expressed in previous discussions. Once adopted by the Council, the updated policy will be used to guide staff and assess requests as they are received.
BACKGROUND:
The city is realizing increasing development and investment interest, which includes businesses and/or de...
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