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Economic Development Authority (EDA) <br />Meeting Date: 06/08/2023 <br />Submitted For: Sean Sullivan, Community Development <br />By: Wendy Schlueter, Community Development <br />Title: <br />Receive 2023 Business Expo Summary and Select 2024 Venue and Date <br />Purpose/Background: <br />Purpose: <br />Provide EDA with 2023 Business Expo event summary and to select 2024 venue and date <br />4.3. <br />Background: <br />Adrenaline Sports Center has proven to be a successful location for the Ramsey Business Expo. Staff has put <br />together a short presentation summarizing the 2023 Event. <br />Notification: <br />N/A <br />Observations/Alternatives: <br />The 2023 Event: <br />The April29, 2023 spring event was full at 59 vendor booths which was the same as April 2022. Attendance <br />was estimated to be around 650 people, similar to 2022. Staff has received positive feedback and suggestions from <br />the vendors, venue and attendees. A corn -hole bag tournament on the other half of Adrenaline took place again, <br />which potentially added to attendance for the event. Staff incorporated Facebook ads, local websites and local <br />newspapers for marketing. Ramsey businesses made up 80% of booth vendors at the event, the highest since <br />2010. (Average is about 70% Ramsey businesses). An expo feedback survey is requested from all vendors. Based <br />on the results, staff will look for ways to improve marketing and traffic flow even more. <br />The Budget (2023 Event): <br />The EDA allocated $5,000.00 for the 2023 Business Expo. Total Revenues (including EDA Allocation) for 2023 <br />were $8,245.00 with 2023 Expenses coming in at $7,428.45 leaving a $816.55 net cash reserve for the 2023 <br />event. Based on the reserve, the net contribution in 2023 by the EDA was $4,183.45. <br />The Future (2024 Event): <br />Staff would like to set April27, 2024 for next year to get on the event reservation schedule for Adrenaline. A <br />2024 budget will be developed later once costs are determined and staff is confident that $5,000 should be <br />sufficient. Staff is also open to suggestions on how we can improve the event in the future. <br />Funding Source: <br />N/A <br />Recommendation: <br />Select Adrenaline Sports Center as the home of the 2024 Business Expo and to reserve the venue for April27, <br />2024. <br />and; <br />Budget $5000 for the 2024 Business Expo <br />