SENATE 3rd Reading Unamended April 24, 2012 SENATE Amended 2nd Reading April 23, 2012Second Regular Session Sixty-eighth General Assembly STATE OF COLORADO REENGROSSED This Version Includes All Amendments Adopted in the House of Introduction LLS NO. 12-0596.01 Kate Meyer x4348 SENATE BILL 12-005 SENATE SPONSORSHIP Newell, HOUSE SPONSORSHIP Massey, Senate Committees House Committees Business, Labor and Technology Appropriations A BILL FOR AN ACT Concerning the creation of the Colorado business retention and expansion program. Bill Summary (Note: This summary applies to this bill as introduced and does not reflect any amendments that may be subsequently adopted. If this bill passes third reading in the house of introduction, a bill summary that applies to the reengrossed version of this bill will be available at http://www.leg.state.co.us/billsummaries.) In order to retain and grow existing businesses in the state, the bill directs the Colorado office of economic development (office) to develop and administer the Colorado business retention and expansion program under the office's statewide economic development plan. The bill describes the office's specific duties under the program, including the requirement that the office annually report on the program to the general assembly. Be it enacted by the General Assembly of the State of Colorado: SECTION 1. Legislative declaration. (1) The general assembly hereby finds, determines, and declares that: (a) A clear economic strategy is paramount to enhancing Colorado's competitiveness as measured by increased productivity and more effective utilization of talent, capital, and natural resources; (b) Existing Colorado businesses, including nonprofit businesses, which provide jobs for local residents and support the tax bases of the state and local governments, are critical to building a stable and competitive state economy; (c) An effective economic strategy must include a proactive and opportunity-based approach to efficaciously retain and expand existing Colorado businesses; (d) Aligning public and private resources in a way that helps to retain and expand existing Colorado businesses will also enhance and create job opportunities in Colorado; and (e) Developing a retention and expansion program and public-private partnerships across the state will therefore ultimately contribute to an environment that produces sustainable economic growth and job creation. (2) The general assembly further finds and declares that a robust business retention and expansion program will: (a) Provide an opportunity to approach and engage partners and businesses across the state in a consistent manner and thus gather meaningful information about their needs, barriers, and opportunities for growth; (b) Build upon "Colorado Blueprint: A bottom-up approach to economic development", the state's document outlining a series of key tactical steps designed to foster a more competitive Colorado, by helping the state achieve the following six core objectives: (I) Build a business-friendly environment; (II) Retain, grow, and recruit companies; (III) Increase access to capital; (IV) Create and market a stronger Colorado brand; (V) Educate and train the workforce of the future; and (VI) Cultivate innovation and technology; and (c) Translate directly into tangible benefits for businesses, citizens, and educational institutions by enabling businesses to work together to reduce barriers, increase competitiveness, and expedite job growth. (3) It is therefore the intent of the general assembly to empower the Colorado office of economic development, as a key component of the state economic development plan and pursuant to the tactics set forth in "Colorado Blueprint: A bottom-up approach to economic development", to develop and implement protocols and procedures to retain and expand existing businesses. The program will be a proactive and opportunity-based initiative forged through partnerships with local economic development organizations in order to maintain and grow businesses and jobs in Colorado. SECTION 2. In Colorado Revised Statutes, add 24-48.5-114 as follows: 24-48.5-114. Business retention and expansion program - creation - duties - report - definitions. (1) As used in this section, unless the context otherwise requires: (a) "Blueprint" means the "Colorado Blueprint: A bottom-up approach to economic development", created by the office, pursuant to executive order D 2011-003, version 1.0 of which was issued on October 18, 2011. The term includes subsequent versions. (b) "Business" means any corporation, limited liability company, partnership, sole proprietorship, trust, or foundation, or other legal entity carrying on a business, whether or not operated for profit. (c) "Office" means the Colorado office of economic development created in section 24-48.5-101. (d) "Partner" means all state, regional, and local economic development partners in Colorado. (e) "Program" means the business retention and expansion program created in subsection (2) of this section. (f) "State economic development plan" means the plan developed by the office pursuant to, and based on the framework outlined in, the blueprint. (2) As part of the state economic development plan, and pursuant to its duties under section 24-48.5-102 (1) (a),the office may develop a business retention and expansion program to identify and respond to retention and expansion issues faced by businesses in the state. (3) If the office develops a business retention and expansion program pursuant to this section, the office may: (a) Develop stronger relationships between partners in order to: (I) Provide a transparent understanding of the state economic development plan so that partners can identify their roles within that plan; (II) Create a collaborative, coordinated, and consistent approach to: (A) Engaging and supporting existing businesses in each partner's region; and (B) Gathering meaningful information about the needs, barriers to, and opportunities for growth for existing businesses; (III) Enhance partners' understanding and awareness, through webinars, seminars, and other methods of training, of: (A) The resources, grants, policy initiatives, and other programs available from local, state, and federal entities; and (B) The structure and organization of, and changes to, the office; (IV) Provide the partners with access to the critical data they need to make strategic and proactive decisions regarding businesses within their region; (V) Collaborate with partners to develop an early detection-and-response system to: (A) Anticipate and identify businesses' needs and challenges; and (B) Foster an expeditious process to find and implement necessary solutions; (b) Serve as a clearinghouse of programs, resources, policy initiatives, grants and other funding, and other means of assistance with retention and expansion of businesses; (c) Support and facilitate communication and build stronger relationships between local governments, partners, and their local business community; (d) Develop protocols and procedures to identify opportunities to retain and expand existing businesses through swift and effective responses to concerns and problems on a statewide or regional level; and (e) To identify obstacles and impediments to business retention and expansion within the rules currently administered by state agencies and to coordinate efforts to remove or modify those obstacles and impediments in order to improve Colorado's business climate. (4) If the office develops a business retention and expansion program pursuant to this section, the office shall align the program's resources with other state, regional, and local programs through focused, direct participation of the office, ensuring that such resources are utilized in an efficient and effective manner for stabilizing and growing Colorado's existing businesses and for providing a strong base from which to retain and expand Colorado businesses. (5) The office shall include a report on a business retention and expansion program created pursuant to this section, if any, in the office's annual report to the general assembly. SECTION 3. No appropriation. The general assembly intends and determines that this act can be implemented within existing appropriations, and therefore no separate appropriation of state moneys is necessary to carry out this act. SECTION 4. Safety clause. The general assembly hereby finds, determines, and declares that this act is necessary for the immediate preservation of the public peace, health, and safety.