Align Economic Development with Community Vision
Due: December 2025
Principle: Supporting the community’s vision by cultivating an environment that attracts and retains private-sector investment, a talented workforce, and an engaged business community.
On an individual basis, Economic Development can mean very different things to different people. It is the team's goal to ensure economic development efforts are consistent with the goals expressed by the Community as a whole.
To that end, the team will conduct a significant community engagement campaign to align the City and the Arvada Economic Development Association's (AEDA) efforts with the information collected from this effort.
Over the past several decades the City has taken a more traditional path towards it's economic development efforts. These efforts include increasing the number of primary jobs, sales tax, and capital investment.
However, with the total build out of the City rapidly approaching, land for both new development and redevelopment are at a premium. With limited opportunities available, the City efforts need to help customize the market forces to the community's overall vision of development and quality of life.
The team selected a company called Market Perceptions to complete and implement a community focused economic development survey in 2020. More than 500 individuals responded to the survey providing statistically significant data result. The survey results will be provided to the team by February 2021.
This data will be combined with other data gathered from previous economic development focus groups and community surveys to calibrate the City's economic development efforts.
This strategic result is 30% complete based on the amount of progress the team has made to date. Following the review of the data, the team will engage with various stakeholder groups, including City Council to create a workplan, which when implemented will complete this strategic result.
Business Retention - Description
Year over year, the City of Arvada will retain 99% of its existing bricks and mortar businesses, as defined by registered non-home based Arvada business licenses. According to the Small Business Administration, sixty to seventy percent of all new job growth comes from existing businesses in a community, suggesting a significant portion of economic expansion in Arvada is attributed to the organic net growth of existing businesses.
Business Retention - Significance
Real estate opportunities for new commercial development are limited, further emphasizing the importance of an environment supportive of existing business health.
Business Retention - Analysis
The 2021 baseline number of existing bricks and mortar business licenses in Arvada is 2,339, up 3% percent from the beginning of 2020.
Business Retention - Data Source
The City of Arvada Finance department provides quarterly reports to AEDA with a full count of all bricks and mortar business licenses.
Development of New Commercial Real Estate
Development is defined as new construction or repurposing of commercial property (retail, office, industrial) and real estate. Square feet will be counted in the year the project is finaled as reported in TrakIt.
The ability to add square footage of commercial real estate in the City is important as it is the foundation for attracting new businesses and assisting current businesses to expand without leaving the City.
In the fourth quarter of 2020, there was 52,991 square feet of New Commercial Real Estate developed in Arvada, resulting in a total of 225,392 square feet year to date. This surpasses the annual goal of 150,000 albeit a slow first half of the year due to COVID-19 related delays. The large majority of new development this quarter can be attributed to build out of commercial pad sites at Whisper Village near Candelas.
Data is provided by Trakit report for Commercial Square Feet finaled by date. The Report includes New Construction, Change of Use and Additions, and it reviewed and confirmed by staff based on project nature. Multifamily, civic, religious, public school and self storage uses are excluded. Data will be updated quarterly.