Agenda - Economic Development Authority - 10/13/2011

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Economic Development Authority (EDA) 4. 1. Meeting Date: 10/13/2011 By: Aaron Backman, Administrative Services Title: Update Buxton Study Retail Analysis Background: In late June of 2011 The Buxton Group did agree to undertake a "Refresh" of the Retail Site Assessment as part of the original contract signed with the EDA in the summer of 2008. Subsequently, on July 7th the Trade Area Map was posted to SCOUT, the online marketing system that allows cities to use information to highlight retail sites. On August 1st the Buxton Group posted on SCOUT the revised Ramsey Retail Site Assessment (RSA). The EDA Commissioners have previously received a copy of the RSA, but it has been attached if you need to refer to the document. On September 21st the Buxton Group provided the Retail Match List, a list of retail businesses that fits the consumer household profile for the trade area. This was provided for both designated commercial areas --the commercial node at 167th Ave/Hwy 47 (Site 1) and for The COR. Diana Binz from Buxton provided the Operational Status of Retailers information for each site as well. Each list of retailers identifies the retailer, the distance and address to the nearest existing location in the Twin Cities. The Operational Status of Retailers lists the retailer, the business concept, website, the preferred size of the building, whether it's a francise, franchise percentage, whether the retailer operates in MN and if it is targeting Minnesota for expansion at the present time. In reviewing the list of retailers deemed to be a good match for Site 1, the Buxton Group has identified 142 potential retailers that could consider locating in Ramsey. Of the 142 retailers identified, 34 or approximately 24% are not currently located or operating in the Twin Cities metro area. On the fourth page of this document is a list of retailers that match well with Site 1 in Ramsey, but have existing locations in relative close proximity to our site. For example, one possible match for 167th is Aldi's grocery store. It considers locations with buildings 10 to 16,000 sq. ft. and currently has a store location 5.6 miles away in Coon Rapids. One retailer that might not work for Site 1 is Ace Hardware. It has a fairly close store located 4.7 miles away in Andover. (Interestingly, the list of good retailers for Site 2 has identified 74 retailers that are a good match and found that Ace Hardware would work for Site 2. From City Hall, we are located 5.1 miles from the Ace Hardware in Andover.) Please review the attached documents. Changes and corrections will be forwarded onto Buxton. Observations: Funding Source: N/A Staff Recommendation: Informational purposes. The Buxton information can be used in tandem with the Master Planning effort being contemplated for 167th Avenue area. EDA Action: