BEC to provide city, county economic development services

BOULDER – The city of Boulder has renewed its contract with the Boulder Economic Council to work on a number of economic vitality initiatives.

Unlike the last contract, which was $5,500 per month, the two sides agreed to a time-and-materials contract at a rate of $175 per hour to a maximum of $3,000 per month. The contract runs through 2007.

Specific services include:

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_ Development and management of the Boulder Owner-Occupied Loan Pool. The loan pool is part of the city’s business incentive program. Companies can apply for loans to help them buy their buildings with a 5 percent down payment instead of the typical 25 percent. The council’s part includes recruiting banks to participate, developing a process for application through administration, designing marketing materials, developing training, etc.

_ Management of the Client Care/Synchronist Program. The program is intended to gather information about primary employers, including their concerns about doing business in the city. The council is responsible for creating a process to reach more primary employers, arranging the meetings, acting as the principal contact for the program, managing a city of Boulder intern’s work on this, acting as administrator and providing reports. The city provides up to five hours per week of the intern’s time to do this.

_ Work with the city to develop and enhance a business retention and expansion program.

_ Develop metrics to measure the effectiveness of the city’s economic vitality and business incentive programs. The council will provide quarterly reports to the city manager with a summary of the results.

_ Attend the city’s Economic Vitality staff meetings providing input and updates.

_ Act as the coordinating entity for the city and the council in evaluating the work and progress of the Boulder Innovation Center.

According to council Director Frances Draper, the list is based on objectives the city would like to have met, but given the restraints of the contract the council’s priorities are the loan pool and synchronist program.

Boulder County has contracted with the Boulder Economic Council on a number of projects to be completed in 2007. The county is paying $62,420 for these services, and the council matches the funds either financially or in kind. Services and the level of funding are:

_ Work force Development/Business Assistance, $20,000

_ Small Business Development Center, $5,000

_ Boulder Innovation Center, $16,420

_ Esprit Entrepreneur Conference, $5,000

_ Boulder County Film Commission, $5,000

_ BEC Web site/Data/Community Projects, $11,000

The county has paid half upfront and will pay the rest after Draper provides a status report.