Finance Commission

5/14/2024 - Minutes I. Call to Order Members Present: Ashley Lucht, Cait Hoffmann, Maurice Matte, Januka Acharya, Maggie Hazard City Staff Present: Mayor Lott, Angela Aldieri, Finance Director, Elaine Wang, City Manager Guests Present: Melissa Corbin, Executive Director (Downtown Winooski) Call to Order by: Ashley Lucht Meeting Start Time: 6:02 PM II. Public Comment No guests from the public were present so this agenda item was skipped. III. Approve Previous Meeting Minutes Decision: Approved Motion by: Cait Hoffmann Second: Maurice Matte No discussion. IV. City Council Liaison Update Financial updates – two approvals of use of reserved funds. First for 10k USD to complete traffic studies. 500k for a downpayment on the firetruck. Downpayment will save the taxpayers some money! Housing Trust Fund is being expanded to include other partners. This program includes downpayment assistance, home improvement, and other affordable housing initiatives. Housing Commission will discuss how to market the expansion of this new program. Housing & Planning are continuing to work towards avoiding displacement of current residents as new development occurs. V. Inclusion & Belonging Commission Update The liaison from Inclusion & Belonging was not present and therefore this agenda item was skipped. VI. Discussion: Economic Development Plan - Downtown Winooski Q&A Our discussion began with providing some context on the work of the Finance Commission and our aims. We returned to the discussion of the Small Business Loan Program from Goal 1 and found that it is not a program that is well known. The program is available to entities that do not qualify for conventional financing for their business. The largest loan to date is 37.5k. There is a small committee for the Program that is primarily made up of city staff. Criteria that the Our discussion began with providing some context on the work of the Finance Commission and our aims. We returned to the discussion of the Small Business Loan Program from Goal 1 and found that it is not a program that is well known. The program is available to entities that do not qualify for conventional financing for their business. The largest loan to date is 37.5k. There is a small committee for the Program that is primarily made up of city staff. Criteria that the committee uses is straightforward. The committee reviews applications and makes recommendation to Council. Opportunities Credit Union originates the loan. The City backs the loan. Not a lot of people have taken advantage of this likely because many are not aware. This is a program for folks that do not qualify for conventional lending. The discussion moved on to the talking points provided by Melissa Corbin. We began with Goal 1 - Foster business development by building on regional assets, local resources, and existing business environment dynamics. Melissa discussed the efforts of Downtown Winooski regarding Goal 1: The updates are listed below: Objective #2: Advance business-to-business networking opportunities in the city l There will be a Business Forum on May 29 th to assess constructions concerns. There’s also an “open for business” co-branding campaign with the city that is in discussion; l Group Marketing / Branding: there was a “Better Places” Barr Hill drink campaign with 10 businesses branded under one umbrella. Co-branding opportunities with Downtown Winooski; l There is work to develop a passport app to help market businesses in Winooski; Objective #3: Commit resources to support attraction, retention and expansion efforts to spur investment in the city l How-to start a business in Winooski exists and has been shared multiple times l Informal meetings with business owners is a regular part of DW operations. Listening to their struggles and connecting them to resources that could assist. Examples might include sharing grant opportunities for workforce development training support or VT Arts Council dollars for a mural they want to create. l Career Café day for DW businesses at the WHS is May 28 th from 11:15-12:15. A program to educate students on available jobs in Winooski; Melissa discussed the efforts of Downtown Winooski regarding Goal 2: Diversify and enhance services available to existing residents and the business community The updates are listed below: Objective #1: Determine appropriate level of economic development and workforce resources necessary to implement immediate needs l Downtown Winooski does discuss the needs of local businesses regularly in the areas of workforce gaps, and retaining employees; Objective #3: Continue to pursue planning initiatives throughout the city l Melissa requested further clarity on the Public Art Fund that the city has and what the process would be to access those funds. Elaine explained that the fund currently is 5k USD and there is no way to replenish those funds. There is not yet a system in place for applying, reviewing applicants, and awarding funds. It is in the workplan of the City to develop a system. The Safe, Healthy, Connected People commission are responsible for reviewing artwork on public property. It became clear that there is a need for a developing a clear process for accessing these funds. Melissa discussed the efforts of Downtown Winooski regarding Goal 3: Maintain, manage, and  USD and there is no way to replenish those funds. There is not yet a system in place for applying, reviewing applicants, and awarding funds. It is in the workplan of the City to develop a system. The Safe, Healthy, Connected People commission are responsible for reviewing artwork on public property. It became clear that there is a need for a developing a clear process for accessing these funds. Melissa discussed the efforts of Downtown Winooski regarding Goal 3: Maintain, manage, and reinvigorate the city's built and natural environment. Objective #1: Evaluate priority of multi-modal infrastructure improvements in the city l Melissa updated the Commission on the work of Downtown Winooski does regularly regarding multi-modal infrastructure improvements in the city which includes regular attendance of the Winooski Alliance for Active Transportation meetings and Bridge Planning meetings. Objective #3: Market, promote, enhance and fully utilize the park land and recreation trails in the city l Melissa updated the Commission on the Downtown Block Parties which now include Winooski Wednesdays, Juneteenth, Pride and Sunday Service DJ Daytime Dance Parties l Downtown Winooski is enhancing programming at Downtown Block Parties to ensure family activities and local makers market in additional to health and wellness offerings and educational tables from local businesses and nonprofits l Additionally, the Better Places funding will infuse $47K worth of upgrades to our events and Rotary Park in 2024-2025. Project timeline pending Vermont Community Foundation fund disbursement. Melissa discussed the efforts of Downtown Winooski regarding Goal 4: Support initiatives that enhance residents' quality of life, including aspects of health, accessibility, and community spirit. Objective #1: Evaluate housing stock capacity and needs lDowntown Winooski does attend Regional Government Affairs monthly meetings to monitor macro level issues; Objective #2: Encourage open conversations among residents about ongoing city projects, events, and neighborhood identity l Melissa reiterated the work happening in the Better Places grant and the Open for Business campaign; Objective #3: Consider broader community needs in terms physical space and resources l Downtown Winooski and local businesses held a meeting with Winooski PD and Howard Center regarding mental health concerns. Melissa discussed the efforts of Downtown Winooski regarding Goal 5: Target economic development resources towards high-priority industries that demonstrate regional and local employment opportunities. Objective #1: Expand entertainment and hospitality offerings to solidify Winooski as a regional destination l Downtown Winooski devotes a section of their website to parking in Winooski and now offers free parking at events; l There will be new light installations in the rotary park; l Downtown Winooski did outreach to grocery store businesses to take over the Commodities space but the lack of loading deck is a real issue;  l Downtown Winooski devotes a section of their website to parking in Winooski and now offers free parking at events; l There will be new light installations in the rotary park; l Downtown Winooski did outreach to grocery store businesses to take over the Commodities space but the lack of loading deck is a real issue; l There is also some interest from an entity looking for a multi-use space. They toured the previous Archives space, but it was not a good fit; Angela asked whether or not there has been any progress on the Business Needs Assessment. Melissa updated that the process is a bit slow because it is tied into the downtown designation (State level) and the Main Street America designation (national level). It is in the works. Ashley asked Melissa what the Finance Commission can do to help businesses in Winooski and Melissa said that she would inform the Finance Commission as her work continues on ways it can support. Mayor Lott congratulated Melissa on her efforts to secure State funding for businesses impacted from construction during the Bridge reconstruction project. For the Main Street construction project, Downtown Winooski is taking the approach of local networking to identify pockets of funding to help impacted business stay the course. Angela will share the notes that Melissa put together in preparation of this meeting. The upcoming meeting will be to review the goals again and to make recommendations to the staff on what to prioritize in the upcoming year. Cait raised a concern that these meetings make it difficult for certain community members to attend (such as parents of young children and anyone working nights). Elaine mentioned that the City is aware of this and is committed to offering opportunities to residents to raise their voices on City issues. Any residents interested in this should contact Elaine or the Mayor directly. VII. Adjourn Motion by: Cait Hoffmann Second: Januka Acharya Meeting End Time: 7:18 PM