Agenda Date: 07/31/2018
Subject:
Title
Economic Update & Future Considerations
Body
Presented By:
Denise Stephens, Economic Development Director
REQUESTED COUNCIL ACTION:
Does city council support staff pursuing the recommendations presented at the study session on July 31, 2018?
PURPOSE:
Retail sales tax has traditionally been a major source of revenue for local governments in Colorado and certainly for the city of Littleton. It is a well-known fact that companies like Amazon have significantly changed how cities across the country look at retail development as a major source of revenue. The "bricks and mortar" stores that many people have historically learned to expect are simply diminishing due the competiveness of on-line stores like Amazon. How cities respond to this change is not just the challenge for the future, but the problem now at hand.
This study session is intended for staff to suggest some broad concepts and look for council direction on how we might approach economic development for the future. Much of what staff would propose would take further refinement and discussion, but two opportunities make this discussion timely; the adoption of the Belleview Corridor Vision and the project to update the city's Comprehensive Plan. Council's direction would allow staff to further refine the concepts as the city looks to develop an implementation work plan for Belleview and develop a specific economic development element of the Comprehensive Plan.
BACKGROUND:
City council approved an Economic Incentives Policy on September 19, 2017 (attached). This policy sets the framework for thoughtful consideration of requests for incentives from business owners and developers. Staff is asking council to consider additional recommendations that will help encourage business attraction, improvements to existing properties, and guide new developments to meet the needs and vision of the community.
STAFF ANALYSIS:
If the City of Littleton is to be economically vita...
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