Economic Vitality Strategy / District Analysis – Boulder Chamber Study Session Input

Boulder Mayor and City Councilmembers:

When approaching today’s study session on the Economic Vitality Strategy and the District Analysis, we ask that you consider three goals: Investment, Options and Urgency.

The foundation of our economic fortunes since the dawn of the technology era has been the scientific findings and innovations that spin out of our federal laboratories and University of Colorado research facilities. Our businesses turn those findings and innovations into enterprises that become the engines of economic activity, draw new businesses and workforce talent to our doorstep, and fuel the shops, restaurants and services that represent the unique character of our community. And it all contributes to a healthy tax base that provides Boulder with an enviable level of municipal services.

There is no hyperbole in suggesting that the paradigm for our community’s economic success is under assault. Threats of drastic program and workforce cuts in our federal laboratories, coupled with sharply reduced investment in research programs, could significantly deplete the innovation fuel for our local businesses and startup enterprises. At the same time, remote work conditions have reduced demand for local office space, leading to dramatically higher commercial vacancy rates and reduced foot traffic for our small businesses. We see the results in flat and diminishing sales tax revenue for municipal coffers and reinvestment in our community.

While we can mourn the risk to conditions we’ve enjoyed for many years, we are fortunate that our town is resilient, with the creative instincts and ingenuity to rise above the economic headwinds, beginning with the steps forward that the draft Economic Vitality Strategy and District Analysis reflect.

With respect to the Economic Vitality Strategy, we are pleased with the thoughtful understanding of the challenges and opportunities the document details. We have so many assets which serve as the ballast for a strong economy. We are blessed by beautiful natural surroundings, enriched by a dynamic arts and culture community, and housed in a thoughtfully planned urban environment. The Boulder Chamber will forever share in the responsibility to preserve those features that make Boulder special, including support for proven disaster preparedness plans and business resiliency measures that the Economic Vitality Strategy outlines. At the same time, we will always remind our community that the built environment must evolve to meet the needs of our residents and the demands of a vital economy.

With a focus on our economy, we ask City Council to support the features of the Economic Vitality Plan that help us respond to the identified challenges and to seize new opportunities. This means careful monitoring of our evolving condition and, then, urgently investing in the programs and support services that create the landscape for business success. That means efforts to reduce the cost of doing business, like continuing to seek the most time efficient and least burdensome planning review and permitting processes, assessing fees to make sure they avoid unnecessarily burdening businesses with costs that are more appropriate for the community to bear, and supporting policies that make it easier for our workforce to find a footing in Boulder by addressing affordability, mobility and training opportunities.

In addition, what is new for our community is the need to more aggressively court business growth and relocation in Boulder. We need urgency in addressing our office vacancies, in particular. To that end, support for marketing efforts that make clear the opportunities to relocate and expand in Boulder are options we need to consider. We also should consider incentives to draw the types of businesses that fit best with our historically strong industry sectors – like biotech, aerospace, photonics, natural products, outdoor recreation and software development – as well as new and emerging industry sectors, like quantum mechanics and film production. This will take investment, and we are glad the Economic Vitality Strategy recognizes that enhanced option in pursuit of key business attraction and retention goals.

And we can’t emphasize it enough: Given the pressing economic headwinds, we ask that City Council provide their staff team with encouragement to move quickly to implement short-term elements of the Economic Development Strategy and to swiftly develop the pathway for longer-term solutions. The need for action is urgent!

Which takes us to the second element of tonight’s study session, the District Analysis Results and Recommendations. We strongly support the recommendation that City Council authorize the analysis and movement toward forming a downtown development authority (DDA). Most importantly, the DDA represents a new option for identifying infrastructure and maintenance needs and a funding source to invest in meeting the vision for what will keep our prized retail and restaurant centers most attractive to residents and visitors. A DDA also would offer the opportunity to clarify the governance within a confusing overlap of other authorities responsible for the care of these commercial districts.

Finally, in the spirit of investment and options, we should make sure we have all the tools in our toolbox to address needs across other commercial zones. For example, a metropolitan district might be the perfect tool for financing investments that help turn the next exciting commercial development opportunity into reality. We should always keep our options open as we pursue the vision of an even brighter future for Boulder’s economy.

We close by thanking the City of Boulder staff team, with particular appreciation of the economic and community vitality divisions, for their work with the business community, residents and other stakeholders on both of the plans you are reviewing this evening. These are important bodies of work for our community, coming at a precipitous period for Boulder’s economy. We hope City Council will give support both to the strategies they propose and, moving forward and with due speed, to the necessary implementation steps. And please know that the Boulder Chamber stands ready to partner in these efforts, whether sharing business insights, providing timely economic data, or helping to identify and execute actionable solutions.

Thank you for consideration - on behalf of the Boulder Chamber and the 1,300 businesses we represent – of our call for Investment, Options and Urgency in the approach to Boulder’s economic vitality.

Sincerely,

John Tayer

President & CEO