Date: 12/16/2014
Final
Presentation from the Office of Economic Development and Trade
COMMITTEE ON JOINT BUSINESS AFFAIRS & LABOR
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08:37 AM -- Presentation from the Office of Economic Development and Trade
Ken Lund, Executive Director, Office of Economic Development and International Trade (OEDIT), discussed the agency's strategic policy initiatives for FY 2014-15 including retaining and recruiting business, creating a strong state brand, cultivating technology, and improving OEDIT processes. He discussed a legislative agenda that will emphasize recruitment of quality talent to the state workforce that would help keep graduates from Colorado universities in the state through a tuition offset. The agency would also like to create a process for targeting business recruitment in the state as well as retaining and growing current companies.
08:50 AM
Senator Tochtrop asked about issues around energy industry in the state and to what extent Colorado is dependent on it. Mr. Lund indicated that energy is an ongoing force in the state's economy and that there is an ongoing need to keep industry, the public, and businesses working together for continued success. He discussed the need to diversify the economy of coal producing areas of the state to make them less dependent on world markets. Mr. Lund noted that businesses tend to find the regulatory climate in the state to be favorable for development.
09:00 AM
Representative Williams asked about development of the film program in the state. Mr. Lund indicated ongoing interest in supporting film in the state.
141216 AttachA.pdf
09:09 AM
Mr. Lund responded to questions regarding the continued use of creative districts. He noted the importance of creativity in the development of businesses and public/private partnerships. Senator Schwartz asked about the state's receptiveness to developing start up companies. Mr Lund acknowledged that the state's programs do not tend to emphasize start ups and are more focused on mature companies. He emphasized that start up companies tend to be very high risk. Senator Schwartz felt like a middle ground policy could be established.
09:21 AM
Mr. Lund talked about venture capital programs and enterprise zones in the state. He indicated positive trends in this area and talked about the Colorado Impact Fund. The Fund's focus is on rural parts of the state. Senator Heath asked about expanding enterprise zones to include areas of the state that are still struggling. Most recent expansions have expanded heath care credits and other small scale programs.
09:27 AM
Senator Rivera asked what impact has been seen with legalized marijuana. Mr. Lund indicated that there has not been a notable impact on business development in the state due to legalized marijuana, either a positive or negative impact. Recently the ski industry expressed concern about families choosing Colorado over other states. At the same time, there has been some increased real estate development in localized areas. While the agency has experienced a significant uptick in business development, marijuana has not been noted by participating companies as either a positive or negative influence on people or businesses moving to Colorado.