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noted that the majority of businesses that have chosen to advertise on the Champlin sign are local <br />businesses looking for a new way to advertise. He provided details on the difference between <br />national and local customers in terms of advertising on digital signs. He reviewed information on <br />traffic counts at the different Highway 10 intersections in Ramsey. He provided details on the cost <br />to construct and maintain a digital billboard sign. He stated that his company focuses on the local <br />advertisers, providing opportunities for smaller local businesses to use that type of advertising, in <br />order to compete with the two national businesses that also provide digital billboard services in <br />this market. He explained that because they are not tied to a large national corporation, they are <br />able to move quickly once the decision is made to move forward on a digital sign. <br /> <br />Member Cords stated that Highway 10 will be completely disrupted in the near future and asked <br />how that type of project would impact this type of activity. <br /> <br />Mr. McCarver stated that they would want to have additional discussions to ensure that the location <br />of the sign would not be impacted by an overpass. He noted that the pattern of traffic changes <br />slightly during construction but did not believe that it would change so dramatically that it would <br />result in an asset that is not saleable. He stated that these deals typically involve 30-year leases, <br />therefore construction of that activity is considered short-term. He provided details on how <br />COVID has impacted the market because of the large reductions in the volumes of traffic. He <br />noted that some areas, such as Minneapolis, continue to see much lesser traffic volumes, while the <br />other service corridors have had most of their traffic return. <br /> <br />Member Riley stated that the EDA is interested in helping local businesses and attracting <br />additional businesses. He asked how this would benefit businesses in the community, the EDA, <br />and the City. <br /> <br />Mr. McCarver stated that generally cities receive revenue but noted that formula is different for <br />each partnership. He stated that the City could choose to implement a business of the week, which <br />would allow a small business that does not have the revenue to advertise to be featured in <br />advertising on the sign. He explained that could allow the business to gain its footing and perhaps <br />then return to pay for advertising in the future. He highlighted the benefits of a municipal/private <br />company partnership noting that it allows the City to have additional control and the flexibility in <br />order to best serve the business community. He noted that sign efforts could be combined with <br />local businesses allowed to advertise on both the Ramsey and Champlin signs. He stated through <br />those partnerships with municipalities they also provide for a certain amount of public service <br />announcements and advertising of City sponsored events. <br /> <br />Chairperson Steffen asked and received confirmation that the sign would generate revenue for the <br />City and the City would not have expense to construct. <br /> <br />Mr. McCarver stated that each situation is unique in its circumstances but confirmed that the cost <br />would be borne by Blue Ox Media. <br /> <br />Chairperson Steffen asked for details on the advertising model. <br /> <br />Mr. McCarver provided details on how advertising is sold. <br />Economic Development Authority/ September 10, 2020 <br />Page 3 of 6 <br /> <br />