Agenda - Economic Development Authority - 09/03/2015

Home

Economic Development Authority (EDA) Meeting Date: 09/03/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 4. 3. Title: Consider Authorizing Economic Development Analysis for the City's Potential Future Business Park Purpose/Background: PURPOSE: Consider authorizing an economic development analysis for the City's potential future business park. BACKGROUND (Future Business Park): Please see attached "Background" and "Process & Next Steps" documents for details. In summary, the EDA/ Council are currently in the middle of a process to consider pursuing a new future business park for the City of Ramsey. The City completed step #3 of the attached six step process on August 25. The next step in the process, #4, is to complete an "Economic Development Analysis." Notification: NA Observations/Alternatives: OBSERVATIONS: Attached to this case is a proposal from ACG (Mike Mulrooney), the City of Ramsey's Economic Development Advisor, to complete an "Economic Development Analysis" for the City's future business park. This proposal is meant to provide ACG a "not -to -exceed" budget authorization from the EDA. The work included in the proposal can be summarized into three separate phases: (1) Market Analysis, (2) Cost -Benefit Analysis, (3) Alternatives/ Recommendations. ACG plans to complete each item in stages, and provide the EDA/ Council with updates/ presentations accordingly. The attached proposal shows a budget number not to exceed 170 hours, at $175 per hour ($29,750 total). Staff does have the ability to supplement ACG's work, and reduce the number of hours needed for this project. However, based on current work loads, staff believes said assistance will be minimal. Both Staff and ACG understand the desire to come in below 170 hours on this proposed work, and will aim for said goal. ACG will be present at this meeting to provide more details on their proposal and their background. In summary, Staff feels strongly that ACG has a unique set of credentials for this proposed work; and to serve our specific community. Mike Mulrooney is a former Commissioner of the State Department of Employment and Economic Development (DEED), he currently works for the Central Minnesota Development Corporation (CMDC), owns Advanced Consulting Group (ACG), has experience working with several communities/ counties, has extensive experience with several successful business parks, and has worked on thousands of "development deals" throughout his career. Mike has a unique background for the City of Ramsey; as he has been very involved with several of Ramsey's highly successful existing business parks. ALTERNATIVES: Authorize the attached ACG proposal (+) staff is confident we will receive a quality product (+) staff is confident ACG will provide quality advice/ assistance along the way/ and after the project is completed (including to individual elected officials) (+) ACG has a unique set of experiences that make them qualified for this work