Agenda - Economic Development Authority - 12/14/2017

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visits with Ramsey staff members. He noted that the most successful clients lean on the outreach team to the fullest, including the conference calls and on -site visits. He stated that a huge component of what they do is business retention as well; capitalizing on how new foot traffic could also benefit the existing businesses. He stated that they would provide the existing retail businesses with a competitive advantage with on -demand trade area reports and market intelligence specific to each business, which helps keep local dollars local. He stated that the application is included in the package and is called LSMX, which helps local businesses understand who their customers are, how to target customers, and how to market to those customers and potential customers. Member Riley left the meeting. Mr. Gundstenson provided information on the Scout platform that Buxton uses and the City would have available for all members of staff able to access. He thanked the EDA for their time and provided information on what the City could expect in the first 60 days of a one-year partnership. He noted that within the first 60 days Buxton would gather the data for the consumer driven story to develop the strategic list of retails and then work on implementation of that list. Acting Chairperson Skaff stated that he was a member of the EDA ten years ago when the City partnered with Buxton and felt that the City did not get much out of it at that time, acknowledging the challenges of the recession. Mr. Gundstenson acknowledged that in the past model some clients were successful while others were not and therefore Buxton revamped their model to provide additional support with implementation. He stated that Buxton works every day with retailers to find new locations. He stated that very different from the last partnership, Buxton will be involved in implementation, reaching out to retailers that would fit with Ramsey and marketing to those retailers. He stated that Buxton would stay involved through conference calls, in person site visits, and conference attendance on behalf of the City. Acting Chairperson Skaff stated that there are questions from the community on the desire for an anchor, such as Target, and asked if this partnership would provide that information to share with the community. Mr. Gundstenson stated that after completing the data collection process, perhaps it would be found that Target would not be the best for this community. He stated that perhaps the process would identify that retailer would not be the best fit and would identify a retailer that would be a better fit for the consumers in this area and spur additional foot traffic to bring in more retailers. Acting Chairperson Skaff asked for information on the fee. Mr. Gundstenson stated that in the past they looked at a one-year term but now model on a three- year term. He stated that within the first 60 days of year one they would do all the leg work to identify the City's grow strategy and find brands that fit within that strategy to develop the list of targeted retailers. He stated that once that list is composed, the implementation team would send Economic Development Authority/November 9, 2017 Page 5 of 8