Agenda - Economic Development Authority - 02/05/2015

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Economic Development Authority (EDA) Meeting Date: 02/05/2015 Submitted For: Patrick Brama, By: Title: 2015 Annual EDA Business Expo Purpose /Background: 4.1. Nichole Wenberg, Administrative Services Annually, the Ramsey EDA sponsors a Business Expo. The purpose of this event is to promote Ramsey's businesses (typically retail and service industries) to the community. Normally, this event draws 300 -500 participants and 45 -50 business exhibitors. Planning for this event has begun. Purpose of Case: update EDA on coordination efforts and to take EDA direction on how to market this event. Notification: NA Observations /Alternatives: Below is a status update on a number of items related to this event: • Venue: Fountains of Ramsey, working on negotiating the same price as last year ($350) • Equipment Rentals: tables, chairs, drapes ($1,000) estimated • Event Flyer & Registration: Created, see attached • Registrations due Fri. April 3rd: Ramsey Business= $35, Non - Ramsey Business= $50, Electricity fee= $5 • Preference will be given to Ramsey area retail, service, restaurant, and other industries. Craft /Merchant vendors and Non - Ramsey businesses will be placed on a waiting list and will be notified if their application was accepted by Tues. April 7th. • Marketing: • Mailers, 9,000 qty, 2 weeks before event . Color, Half Page ($2,500) • Mobile Sign Boards, Five ($750) • PACT Charter, Color Full Page flyer, 1,800 qty, ($350) • Ramsey Resident, Facebook, City's website (free) • Exhibitor Registration Form: Created, see attached • Staff will be contacting past participating exhibitors • Staff will be personally contacting new businesses Budget for this event is $4,000. Considering items above (half page color mailers), expenditures will be $4,950. Staff estimates revenues will be $1,350. The difference between estimated costs and revenues would be $3,600 ($4,000 budgeted). Therefore, the EDA would have an estimated $400 of budget remaining. ALTERNATIVES: Besides options below, this case is an update item. Therefore, Staff is only looking for general input/direction from the EDA. No specific direction is needed. Options for use of remaining balance: (to create interest/ improve attendance) - Additional advertisements in ABC Newspapers -Raffle Prize -Small door prize for first 100 guests -kids attractions (depending on space available) -food vendor (if allowable within venue)