Agenda - Economic Development Authority - 06/04/2015

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Economic Development Authority (EDA) 4. 4. Meeting Date: 06/04/2015 By: Mark Riverblood, Engineering/Public Works Title: Review Relationship of Parks and Trails to Economic Development, and Consider Concert Sponsorship Purpose/Background: The purpose of this case is to briefly highlight the relationship between the community's investment in park and trails and economic development—and also seek sponsorship of one concert by the Economic Development Authority. Relative to the concert's at the amphitheater, attendance has been increasing 30% each year from inception in 2010, to 2013. For 2014, participation climbed 40% over the previous summer, with over 4,000 patrons counted. (Does not include Farmer's Market attendees.) Staff feels that The Draw Summer Event Series is certainly a meaningful, recreational and communal activity for residents, but also one with a favorable economic impact. The endeavor is also an example of successful collaboration between the Ramsey Foundation and the City, in the delivery ofFree recreation for residents (concerts paid for by sponsors)—and at the same time, building a sense of community. Additionally, by having the Farmer's Market at the same venue, it provides an opportunity for residents to obtain healthy, locally grown foods—all-the-while supporting small businesses that sponsor the events, the concessionaire, the growers and vendors at the market, as well as the performers. Notification: Observations/Alternatives: As it relates to economic development, it is believed that, the concert and companion Farmer's Market encourages people to keep more of their purchases local (as well as locally grown) and builds familiarity with The COR, with its attendant businesses. While about 10% of the concert attendees' bike or walk to the events, most do not. During the summer of 2013, Staff took traffic counts (of autos) on a `normal' Wednesday and also on the following Thursday (Farmer's Market and concert night) around The Draw. Approximately 968 more vehicles were tallied coming into The COR as a result of the market and concert. Extrapolating to an average of 2 persons per vehicle + bicyclists' and pedestrians resulted in approximately 2,000 park patrons for programmed Thursdays. Adding the increases of people witnessed for year 2014, this number is believed to be greater. The above may be an example of park facilities functioning not only as a place to recreate, but also as an element of sustainable economic development, and generally supporting the mission of the Economic Development Authority. As introduced earlier, the subject of this case is to request EDA's sponsorship of a concert night, similar to what has been done in each of the last five years. Attached for your information, is the draft 2015 Summer Events Series flyer, and also the 2014 wrap-up PowerPoint presentation to the Park and Recreation Commission. At this same time last year, the EDA established a somewhat new program of a "Business of the Year" in conjunction with their The Draw Event Series sponsorship. The EDA identified a business of the year (Acapulco Ramsey) and offered them the space at the concert event to market themselves—the 'award' for being the chosen business. This was highly successful, and Staff recommends that the EDA once again consider this program. Staff feels that the "business of the year" program and providing that space at the Draw Summer Event Series showcases