Agenda - Economic Development Authority - 11/18/2021

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Economic Development Authority (EDA) Meeting Date: 11/18/2021 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development 4. 2. Title: Receive 2021 Business Expo Summary and Select 2022 Venue Purpose/Background: Purpose: Provide EDA with 2021 Business Expo event summary Background: The City of Ramsey EDA moved the venue from The Fountains at Ramsey to Adrenaline Sports Center in 2019. Due to Covid-19, the City had to cancel the event in the Spring of 2020 and 2021. The Expo was brought back on October 16, 2021 at Adrenaline Sports Center. Staff has received positive feedback from the exhibitors, venue and attendees. Staff will provide a short presentation summarizing the 2021 Event. Notification: N/A Observations/Alternatives: The Event: Exhibitor attendance was down from 61 booths to 52 booths. Estimated attendance, not including exhibitors was also down from 600 people to 250. The feedback from the vendors was overwhelmingly positive in relation to venue and experience. Staff anticipated a lower number of vendors and participants due to Covid and unfortunately that came to fruition. A beautiful sunny fall day and a large craft event at Lord of Life Church might have also held down turnout. However, the event was successful for those who participated as it gave Ramsey businesses the opportunity to market to Ramsey residents coming out of the Covid Pandemic. Staff believes that this event should be continued. The Budget: Due to expenses incurred, and credits provided in 2020 for the canceled event the EDA allocation was less for the 2021 Event. The EDA allocated $4,000.00 for the 2021 Business Expo which was $3,000 less than 2 years ago. Total Revenues (including EDA Allocation) for 2021 were $6,910.00 with 2021 Expenses coming in at $3,955.24 leaving a $2,954.76 net cash reserve for the 2021 event. Based on the reserve the net contribution in 2021 by the EDA was $1,045.24. Looking at the event as a whole (2020 expenditures and 2021 expenditures) the event was $176.74 over budget. The Future: Staff anticipates the April 2022 Spring Business Expo Event to have more vendors and to be better attended. Staff found there was still some hesitation to participate due to Covid by some vendors and residents based on feedback received. Based on the budget summary, Staff will likely ask the EDA for a small increase in the budget for 2022 to ensure the costs are covered within the budget. There had been questions relating to the benefit, format and success of the event over the past few years. The new venue, project team and businesses seemed to like event again and it makes sense to continue into the future. Based on the overwhelming positive feedback, Staff is recommending that we select Adrenaline Sports Center as the venue for 2022. Staff is looking for some direction to work with Adrenaline to identify a date in April for 2022. If that is the direction, Staff will report back to the EDA at a later meeting to finalize a date that works for the event