Agenda - Economic Development Authority - 05/15/2008

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Memo I . ,~A ~ f!1 . ~s~. To: EDA From: Amber G. Miller, Community Development Director Date: 5/9/2008 Re: Summary Buxton proposal As part of the May EDA meeting, you will be given a proposal from the Buxton Company. A representative from Buxton will be attending the meeting to give a presentation on the proposal and the services the company provides. I have put together a brief summary of the proposal for your information. If you have any questions feel free to call me at any time, . Buxton: Community 10 The Buxton proposal focuses on the retail market segment only. They would work with the City to detail and verify the retail trade area for Ramsey, map it, and gather all of the data within that area which will define who we are from a retailer's point of view. Buxton looks specifically at all of the households within the trade area and their individual buying habits. They compile data on credit card purchases, magazine subscriptions, reward cards, channels people buy or have as part of a package, and all of the demographic data as well. Once all of this data is compiled they cross- reference it with their database of retailers and see which Retailers requirements match Ramsey's trade area buying habits. We can then go through the list and pick which retailers we want to target to try to come to the community and they will put together the marketing packages for retailers we have chosen. The proposal also includes usage of their customizable online marketing system. This allows us to customize the Ramsey information and reproduce maps' and generate marketing presentations. This information would also show us why certain retailers would not be a fit for Ramsey. The timeline for completion of the entire process is approximately 60 days. The cost for the service is $70,000. 16