Agenda - Economic Development Authority - 06/13/2024

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Economic Development Authority (EDA) Meeting Date: 06/13/2024 Submitted For: Sean Sullivan, Community Development By: Wendy Schlueter, Community Development Title: Receive 2024 Business Expo Summary and Select 2025 Venue and Date Purpose/Background: Purpose: Provide EDA with 2024 Business Expo event summary and to select 2024 venue and date 4. 2. Background: Adrenaline Sports Center has proven to be a successful location for the Ramsey Business Expo. Staff has put together a short presentation summarizing the 2024 Event and suggestions for the 2025 Event. Notification: N/A Observations/Alternatives: The 2024 Event: The April29, 2023 spring event was full at 60 vendor booths which was the same as previous year. Attendance was estimated to be around 600 people, which was a bit lower than last year (650). Staff has received mostly positive feedback and suggestions from the vendors, venue and attendees. A corn -hole bag tournament on the other half of Adrenaline took place again, which potentially contributed to a shortage of premium parking. Staff incorporated Facebook ads, local websites and local newspapers for marketing. Ramsey businesses made up 84% of booth vendors at the event, which is up from 80% last year. An expo feedback survey is requested from all vendors. Based on the results, staff will look for ways to improve marketing and traffic flow even more. The Budget (2024 Event): The EDA allocated $5,000.00 for the 2024 Business Expo. Total Revenues (including EDA Allocation) for 2024 were $8,720.00 with 2024 Expenses coming in at $8,662.25 leaving a $57.75 net cash reserve for the 2024 event. The Future (2025 Event): Staff would like to set April 12, 2025 for next year to get on the event reservation schedule for Adrenaline. Staff has put together an attached proposed budget for 2025, that includes an increase of $500 to the EDA allocation ($5.500). Increases in the cost of the venue (ASC) and "A Touch of Magic, have led to the 2025 budget request. It is possible that the Tote Giveaway line item could be reduced based on the remaining inventory of approximately 350 bags, but staff is looking for flexibility in the event that some of those bags will be used for the Business Appreciation Day Event this August and there is a need to order more for next year. There were some common themes that showed up in the surveys and verbal comments by the vendors and attendees: they include: • Liked Bingo, do it again • Like Venue, Keep it at Adrenaline (ASC) • Parking was a perceived/actual issue (Not aware of parking in front of adjacent building, competition with Cornhole Tourney, Vendors not sure where to park) • Consider changing hours of event (earlier, shorter) Traffic was way down 12:30-2PM . Don't let people tear down before event is over (Registration, education and verbal warnings by Staff)