Agenda - Economic Development Authority - 07/08/2021

Home

Economic Development Authority (EDA) 4. 4. Meeting Date: 07/08/2021 By: Sean Sullivan, Community Development Title: Authorize 2021 Annual Ramsey EDA Business Expo Budget Purpose/Background: The purpose of this case is to provide an update and to get authorization for an EDA allocation for the 2021 Ramsey EDA Business Expo. Annually, the Ramsey EDA sponsors a Business Expo. The purpose of this annual event is to promote Ramsey's businesses (typically retail and service industries) to the community. In the past, this event typically drew 200-300 people and had 45-50 business exhibitors. In 2019, the event was moved to Adrenaline Sports Center and attendance increased to 500-600 people with 61 exhibitors. The logistical set-up was also different as the EDA contracted with an event planning organization to prepare the booths, pipe and drape. Staff is excited to bring the Community Event for businesses back in 2021 In 2019, the EDA allocated $7,000 for the event and resulted in $586.41 net revenue after all expenditures. Preliminary Planning has commenced for the 2021 Expo proposed to be held on October 16, 2021 and staff is working on ways to get the best return on investment from EDA expenditures while maintaining a quality event. To maximize event configuration, Staff is proposing 60 booths for 2021. The EDA previously directed staff to keep the event at Adrenaline, based on the success of the venue in 2019. in 2020, Staff received two (2) quotes for the event materials and setup and both quotes were less than the 2019 vendor. In response, Staff recommends reducing the registration fee for Ramsey Businesses from $60 to $50. Staff has already prepaid a few vendors (Cenaiko and Touch of Magic) based on the the previous event cancellations. These vendors have given the City credit for the proposed 2021 event. Notification: Notification is not required. Observations/Alternatives: Typically the Business Expo is held in the spring of the year as a kick-off city event. Due to Covid-19, there was no spring event in 2020-2021. Coming out of Covid-19 is a challenging time for many Ramsey Businesses. The proposed event date of October 16, 2021 was suggested considering the slate of upcoming city events: Business Appreciation Day (August), Happy Days (September), City Recycling Event (May/September) and Business Network Meeting (November /December). Below is a status update on a number some of items related to this event (a project budget is attached for review): • Venue: Adrenaline Sports Center ($800) • Event Date and Time: Adrenaline Sports, 10AM-2PM • Equipment Rentals and Pipe, Drape and Electricity: tables, chairs and drapes ($2,335 estimated) • Event Flyer and Registration: Not created yet (No cost, internal) • Proposed Base Registration Fees for 2020: Ramsey Business -$50 (Reduced from $60), Non -Ramsey Business-$75, Electricity-$75 • Preference given to Ramsey area retail, service, restaurant and other industries. Craft / Merchant vendors and Non -Ramsey businesses will be placed on a waiting list. • Giveaway: TBD, Last year we did Ramsey Bags ($1,000 estimated)