Agenda - Council - 05/14/2002 - Laserfiche WebLink

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CONSIDER MARKET ANALYSIS STUDY By: James E. Norman, City Administrator Background: During the March 25, 2002 Ramsey Town Center Task Force meeting, Development Consultant Mike Mulrooney made the recommendation based on the need for having sound economic development available which would be helpful in order to track interest of a quality development for the commercial portion of the project. The Task Force made the recommendation to the City Council for such a study. Mulrooney has contacted a firm that is frequently used in the Metropolitan Area that provides such services. Associated Retail Consulting (ARC) has provided a proposal for Council consideration. A copy of the proposal is attached to this case. ARC would describe the scope of the project as being a study which would include a full market analysis of the City of Ramsey along with its surrounding effective retail trading area, and determine a timeline-oriented threshold for potential retail to service this area. This threshold perspective would reveal the present day potential for retail categories, as well as the five and ten-year [onger-range potential of these categories based on population growth. Other yearly thresholds may be identified depending upon the rate of population growth of the region in the coming years. The proposal by ARC includes a cost projection of approximately $25,000 to complete the market analysis. Staff would recommend that the source of financing for the study would be from the contingency fund. Council Action: Motion to enter into an agreement with Associated Retail Consulting to perform a market analysis for the proposed town center area and adopt Resolution #02-05-XXX transferring $25,000 fi'om the Council Contingency fund to the professional services budget of Planning & Zoning. Reviewed by: City Administrator Community Development Director Principal Planner Finance Officer Development Consultant CC: 05/14/02 -283-