OEDIT SMART Act PPT FY22

Colorado Oﬃce of Economic

Development & International Trade

SMART Act Hearing

Joint Business

January 21, 2022

Pat Meyers, Chief Economic Recovery Oﬃcer & Executive Director

Jeff Kraft, Deputy Executive Director & Director of Business Funding & Incentives

Lindsay Finlayson, Director of Operations

Leslie Hylton, Director of Government Affairs

Sarah Harrison, Program Coordinator for Community Revitalization

To achieve and sustain a healthy Colorado economy that works for everyone and

protects what makes Colorado the best state in the country to live, work, start a

business, raise a family, and retire. By growing our economy with jobs that cannot be

outsourced and infrastructure to enable entrepreneurship in all parts of the state, we

strive to grow a resilient economy where everyone not only gets by, but thrives.

OEDIT Mission

OEDIT’s vision to economic recovery and resilience includes three key phases: Innovate, Adapt and Thrive.

Through these three phases, OEDIT will modify current programs, educate on existing resources and collaborate

with outside organizations, partners and state agencies to get the economy back on its feet and working again:

1. Innovate: We will foster business innovation in a way that maximizes the Governor’s Bold 4 Initiatives and

positions Colorado to accelerate opportunities unique to the post COVID environment in the areas of remote

work and in the advanced industries, including bioscience, high tech and advanced manufacturing.

2. Adapt: The current economic downturn has created an immediate and long-term need to develop

forward-looking plans that will help communities adapt to changing market conditions in response to future

economic disruptions.

3. Thrive: The workforce of Colorado’s future will be more nimble, better prepared for economic disruptions,

and will be a model for enhanced inclusion, social equity, with a clear business case for protecting the

environment.

OEDIT Vision

OEDIT Organizational Chart

Executive Director

Patrick Meyers

Marketing &

Communications

Keri Ungemah

FTE = 3

Operations

Lindsay Finlayson

FTE = 15

OEDIT Deputy

Director/Business

Funding & Incentives

Jeff Kraft

FTE = 14

Global Business

Development

Michelle Hadwiger

FTE = 10

Business Support &

Rural Prosperity

Glenn Plagens

FTE = 22

Creative

Industries Oﬃce

Margaret Hunt

FTE = 7

Oﬃce of Film, T.V.

& Media

Donald Zuckerman

FTE = 3

Outdoor Recreation

Industry Oﬃce

Nathan Fey

FTE = 4

Colorado Tourism

Oﬃce

Tim Wolfe

FTE = 18

Legislative

Affairs,

Leslie Hylton

FTE = 2

Economic Recovery

& Relief Staff

Hana Sayeed

FTE = 8

Multi-Agency

Economic

Recovery

Oﬃcers

Chief Economic

Recovery

Ofﬁcer / OEDIT

OSPB

Gov

Chief of Staff

Policy,

Comms,

Operations

Agency

Implementation

Agency

Stake/Comm

Fiscal &

Audit

Lead

Implementation

Stake/Comm

Implementation

Stake/Comm

Fiscal

Performance

Fiscal

Performance

Fiscal

Performance

The Colorado Economic Recovery Oﬃce

Promote entrepreneurship and boost economic growth statewide by launching

and implementing new programs that increase access to capital for small

businesses from $0 to $84,077,800 by June 30, 2022.

OEDIT FY 2021-22 Wildly Important Goals (WIGs)

Successful completion of this goal will eliminate

barriers to business ownership, bolster

entrepreneurship and build long-term ﬁnancial

sustainability for small businesses, including

underserved businesses, that are vital to the health

of the communities that drive Colorado’s economy.

Support rural communities in attracting and retaining jobs from 0 to 5,000 jobs

by June 30, 2022.

OEDIT FY 2021-22 Wildly Important Goals (WIGs)

Successful completion of this goal will mean

that communities are establishing the

business environment necessary to attract and

retain businesses, thereby paving the way to

create and sustain jobs for years to come.

OEDIT FY23 Budget Request

$48,434,131 Total Funds

$28,517,816 General Funds

$17,231,010 Cash Funds

$260,291 Re-appropriated Funds

$2,425,014 Federal Funds

*The above budget numbers do not include supplementals or budget amendments

*The above budget numbers also do not include one-time stimulus funds, which are

conveyed in later slides

OEDIT’s FY 2022-23 Budget Request includes the following:

● R-1 Art in Public Places

○ Have the long bill reﬂect the CCI’s spending authority of approx. $2M it

receives in cash funds for the program

○ Modify the current cash fund to ensure a 3-year roll forward appropriation

to align with CapCo project timelines

***R-2 was withdrawn, P3 Oﬃce will be housed at DPA

OEDIT FY23 Budget Request

The Department respectfully requests the General Assembly consider legislation

on the following:

● Stimulus Extensions (SB21-001, HB21-1263, SB21-241)

○ The JBC has agreed to move this forward as a JBC-sponsored bill.

● SB21-291 ARPA Fix

○ The JBC has agreed to move this forward as a JBC-sponsored bill.

● Innovative Housing Incentive Proposal

○ The Affordable Housing Transformational Task Force has recommended funding this.

Legislative Agenda

The 2021 Talent Pipeline Report was published on Dec. 17, 2021. The report identiﬁes:

● Top Jobs

● Critical industries

● Key features of the current labor force

● Strategies to align supply with industry demand

Policy Recommendations: Building on CO POWER 2021, the recommendations focus on three priorities:

● Enhance opportunities for employers to implement talent development strategies

● Strengthen critical industries so all businesses can thrive

● Structure supports necessary to enhance the participation of targeted populations in the labor force

2021 Talent Pipeline Report

● The Colorado Community Revitalization Grant (SB21-252) provides gap funding for projects in

creative districts, historic districts, main streets or neighborhood commercial centers.

● This grant supports creative projects that combine creative industry workforce housing, commercial

spaces, performance space, community gathering spaces, child care centers, and retail partnerships

for the purpose of economic recovery and diversiﬁcation by supporting creative sector

entrepreneurs, artisans, and community non-proﬁt organizations.

● Currently, there are 33 awarded and recommended projects, totaling $62M of the appropriated $65M.

Of these 33 projects, geographic funding follows:

○ Urban projects = $28.5M (11 projects)

○ Rural projects = $34M (22 projects)

Community Revitalization Grants Update

Pueblo Fuel & Iron ($1 million):

redeveloped historic building

including a culinary incubator,

28 affordable housing units, an

urban farm, performing arts

space, child care center, and

additional affordable housing at

a satellite location.

Ridgway Space to Create ($2 million):

a new construction, mixed-use,

workforce housing project that includes

artist live-work space, a community

amenity area, commercial hub, and

performing art space.

Awarded

Recommended

In accordance with the Governor’s Executive Order 2020 175, the Department has prepared a plan to improve

equity, diversity, and inclusion, including efforts to:

● Implementation of a demographic survey to identify any gaps in our outreach efforts in order to reduce

barriers that prevent underserved communities from accessing OEDIT’s programs and funding.

● Creating more inclusive and equitable hiring and retention policies that will be rolled out by the end of the

current ﬁscal year.

Employee Engagement Highlights

● OEDIT has a 79.7% employee engagement index compared to the average state agency index 60.9%

● 80.6% of employees feel that OEDIT has made positive progress on our EDI Plan/Initiatives

● 80.3% of employees say they feel safe expressing their identities and bringing their whole self to work.

Equity, Diversity, and Inclusion WIGs

Stimulus Funding Implementation

State Stimulus Programs

Amount

Funded ($M)

Incentivize Events and Conferences $10.0

Colorado Startup Loan Fund $31.4

Small business loans $15.0

Advanced Industry Grant Program $10.0

OEDIT Strategic Fund $15.0

Rural Jump Start $3.0

Community Revitalization Grant Program $65.0

MTCF Marijuana Entrepreneurship Program $4.0

Arts Relief $17.0

Film Incentive $6.0

Small Business Accelerated Growth Program $1.7

Total $178.1

Stimulus Funding Implementation

Federal Direct to Agency Stimulus Programs

Amount Funded

Estimates($M)

State Small Business Credit Initiative (SSBCI) $115.3

National Endowment for the Arts (NEA), Creative Corps Grant $0.5

National Endowment for the Arts, Creative Districts Grant $0.3

Economic Development Administration, State Tourism and

Outdoor Industry Grant $9.7

Economic Development Administration, Statewide

Comprehensive Economic Development Strategy $1.0

Total $126.8

Federal State and Local Fiscal

Recovery Funds

Amount

Funded ($M)

Colorado Startup Loan Program (HB-1288) $10.0

Economic Recovery And Relief Cash Fund

(SB-291): Economic Development $30.0

Economic Recovery And Relief Cash Fund

(SB-291): Small Business Stimulus Rural $10.0

Total $50.0

Thank You & Questions