Department of Economic Development
Reference: City of Brighton Economic Development Business Incentive Policy
To: Mayor Gregory Mills and Members of City Council
Through: Michael P. Martinez, City Manager
Prepared By: Michael Masciola, Economic Development Manager and
Robin Martinez, Economic Development Director
Date Prepared: January 24, 2025
PURPOSE
The purpose of this agenda item is to update our incentive policy is to create specific guidelines and structure for the City's economic business incentive offers with the intent to:
* Create a structured process with identified guidelines for eligibility, parameters, incentive types, and processes
* Create an expedited process to meet the demands of the current market
* Align Brighton's incentives with the City's strategic plan and objectives
* Remain competitive among other communities
BACKGROUND
In 2014, City Council approved an incentive policy created by the Brighton EDC. The initial incentive policy was designed as a best practice and information tool to guide incentive offers the City may consider in future negations. This policy was more of a general recommendation on how to structure and implement incentives but did not include standard criteria or processes to which staff and businesses could refer.
The needs and interests of prospective businesses and developers has changed over the last 10 years. EDC staff has spent several months exploring the competition, current market, needs, and challenges. Staff interviewed local, regional, and national site selectors, developers, Brighton EDC Investors, and other companies to understand what the best practices and competition looks like both locally and nationally. We spoke with local developers and brokers who have worked in partnership with the City for several years to better understand what is working and what is not working as it relates to the City's current processes. The number one incentive companies are looking for is an expedited timel...
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