Agenda - Economic Development Authority - 01/10/2013

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- -Reduced foot traffic; no longer getting cross over traffic from Environmental Expo - -Conceivably, less interest from exhibitors to participate (less foot traffic) - -Revenues will remain the same (about $1,500), which means this event is still financially viable • Potentail RV/Great Outdoors Sale Extravaganza Such an effort would require a new budget and allocation of Staff resources. - -Estimated cost: $3,000-4,000 (regional group marketing, mailing, printing, etc.) - -Estimated revenue: $750-$1,500; about $100-200 per participating business - -NET $-2,000 to -$2,850 (estimated), falls within $3,500 budget - -More detailed information regarding input from RV dealerships will be provided at the EDA meeting Today, the City's existing financial and human resources are insufficent to conduct both events. With the above information in mind, the EDA is faced with a decision between the traditional EDA business expo and the creation of a new event (Great Outdoors Sale Extravaganza of Ramsey). Funding Source: Staff Recommendation: The EDA has a few options to consider: 1. Continue Traditional Annual Expo • Positive Considerations: • From a financial perspective, this event is safe/not risky and should fall within budget. • "Brand Recognition." Because the annual expo is a tradition, many people look forward to it, understand what it is, expect it, etc. "Brand Recognition" is something that is hard to come by; and is hard to put a price on. • Overall, Staff is comfortable with this event and has established efficiencies due to repetition (not re-creating the wheel each year). • Meets previous EDA direction and expectations • Historically, a fairly well -received event • Negative Considerations: • Attendance and feedback regarding the Business Expo has been good, but not great (like other EDA events) • A significant level of Staff time is required to carry out this event • With the departure of the Environmental Expo, it is likely participation and attendance will drop (mildly) • It is becoming challenging to fill all 50 available exhibitor stalls with non-craft/merchant businesses. • Duplication of events: Happy Days Business Expo 2. Take on a new Event: The Great Outdoors Sale Extravaganza of Ramsey -drop traditional expo • Positive Considerations: • Meets previous EDA direction (and City Council) to recognize and support Ramsey's Outdoor Industries (e.g. RV expo). • It is estimated, less Staff resources would be required to carry out this event (in comparison to the Business Expo); which would free up resources to concentrate on other EDA priorities. • Natural Timing (Business Expo): With the departure of the Environmental Expo in 2013, consideration of Business Expo exhibitor trends over the past few years and recognizing Ramsey has two existing Business Expos--2013 may warrant consideration of a new event. • Negative Considerations: • • From a financial perspective, this event more risky than the traditional Business Expo. Staff can only