Agenda - Economic Development Authority - 08/04/2016

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Staff would like to note,we do desire to bring this tactic back to the EDA in the fall/winter for additional discussion. As the EDA knows, one of our major strategies to help achieve this tactic was to hire CBRE to broker city owned properties. The CBRE contract terminates this winter. At that time,the EDA may want consider their options moving forward (below). NOTE:these options are not mutually exclusive. • stick with CBRE • higher service broker firm (i.e. more direct and targeted marketing) • utilize a PR or marketing firm (i.e. standalone targeted marketing) • targeted ad campaigns • increase city presence at various events(i.e. site selector events) • improve city economic development website and web presence • increase city staffing levels to better focus on economic development initiatives The options listed above are just a few to begin the conversation—various other options exist to help the city recruit new industry. However, regardless of what set of options are selected, it will likely have a budget impact in 2017. Therefore, staff is increasing the EDA marketing budget in 2017 from $3,000 to$30,000. Lastly, staff would like to note. One of the most commonly requested items from the public to city staff is the need for additional shopping and dining opportunities (i.e. retail). Staff believes the Council and EDA understand that notion and feel the same (as reflected in their respective workplans). The recent citizen survey reflects the same sediment. With this in mind, staff is requesting the EDA budget resources in 2017 to help achieve this important community goal. Staff believes it would be prudent to budget the$30,000 in 2017, regardless of what happens with CBRE. (5) Sell Surplus City Owned Land The City continues to make slow and steady progress on the sale of city owned land. Please see EDA performance measurements for details. This goal does call out the strategy of obtaining DEED shovel ready certification for all city owned properties. The City has hired WSB to administer the process of gathering information, developing documentation, apply for, and obtaining the shovel ready certifications. That work is currently underway. Staff expects said work to be completed by November. (6) Consider Discontinuing Ramsey EDA Spring Business Expo Staff has eliminated this item from the EDA workplan. This item has been discussed by the EDA a few times over the past few years. Generally,the EDA is not interested in eliminating the expo. The EDA has asked staff to conduct a survey of expo exhibitors on the potential of eliminating this event(and absorbing into Happy Days). That survey is expected to by completed by November. Staff will review results with the EDA at that time. If there is strong support from exhibitors to combine events, staff will resurrect this discussion, and bring it back to the EDA. (7) COR Pro-Forma Staff would like the City to consider a comprehensive pro-forma and policy for The COR development. The first step in the pro-forma would be to outline all expected costs associated with The COR project(specifically including signs, landscaping, parks, roads, utilities, regional storm water systems, admin., etc.). The second step would be to outline funding sources for said improvements (likely a combination of TI F 14, land sale proceeds,grants, and developer contributions). Third would be to outline a policy for allocation of costs (i.e. who is paying for what, and when)? Page 2 of 4