Loading...
HomeMy WebLinkAboutAgenda - Economic Development Committee - 05/14/2024: 2012nd From:Michael Biama To:Jessie Baker Cc:jrbipad@gmail.com Subject:"EXTERNAL"Updated & Revised Recommendations for ARPA Funds Date:Tuesday, November 22, 2022 10:38:30 AM        This message has originated from an External Source. Please use proper judgment and caution when opening attachments, clicking links, or responding to this email.       Dear City Council Members,   During its most recent public meeting, The Economic Development Committee spent some additional time discussing the most effective use of the City’s remaining ARPA funds.  The result of this discussion was that the Economic Development Committee would like to revise its top three recommendations for areas of support, as well as propose some specific ways in which the money could be used to impact these areas. These recommendations are included below for your consideration.   Ranked in Order of Priority:   1. Child Care a. Establishing a grant program that existing operators could use to expand program capacity. b. Establishing a grant program that existing operators could use to provide bonuses to educators working in regulated childcare programs, assisting in employee retention. 2. Support Local Businesses a. Establishment of a Revolving Loan Fund. Revolving loan funds exist in other municipalities around the State and have been highly successful in assisting local businesses in times of need. With interest rates rising quite rapidly, this could be an effective use of ARPA funds that would allow struggling businesses to access low-cost capital. Assuming this is a feasible use for the ARPA funds, it would be a great way to establish a program that could benefit the City for many years to come. 3. Water, Sewer, Stormwater Infrastructure a. Supporting the stormwater division as they continue to help address the implementation of the new general stormwater permit (9050) would be an excellent use of ARPA funds. The city has already taken a leadership role in helping non- conforming property owners design systems that will meet the new state requirements. However, the implementation of the systems that are currently being designed, and the cost associated with their construction, is still a big unknown. Establishment of a general stormwater fund to address the new 9050 permits requirements would be a great use of ARPA funds as well.   Please reach out to the Chair or any of the members of the Economic Development Committee should you have any questions regarding these recommendations.   Thank you for your time and consideration.   Sincerely, Economic Development Committee South Burlington City Strategic Economic Development Plan Brief Developing a strategic economic development plan will involve hiring a qualified professional to engage the community in a broad-based study to suggest specific plans (along with short and long term stakeholder costs) that address the following questions: What are our natural competitive economic advantages and how best can they be leveraged for economic growth that supports the recently completed climate action and comprehensive plans? What South Burlington businesses add the most sustainable value to the local and regional economy by providing tax revenue, high quality employment, few negative environmental consequences and contribute to the sustainability of the economy and city government? What are the best metrics to benchmark economic growth and what is a recommended process for the city to track, support and add new metrics? What strategies best serve the provision of housing to serve the needs of the City, local employment and the region? How can the economic development strategy support the city and region’s transportation needs? How does the economic development strategy contribute to the City financial needs and what are the best ways to insure the financial stability and sustainability of the City government, including in coordination with public schools and higher education institutions? How will the economic development strategy improve the quality of life and overall population health? Since achieving economic success in South Burlington must necessarily be commensurate with regional success, how best can South Burlington coordinate with neighboring municipalities to achieve mutual goals though such efforts as improved economies of scale, services and cost reductions? What is a realistic 5 year implantation roadmap for the economic development strategy including actionable items and stakeholder roles?