Agenda - Economic Development Authority - 03/13/2025

Home

4. 2. Economic Development Authority (EDA) Meeting Date: 03/13/2025 Primary Strategic Plan Initiative: Enhance City's communication through transparency and accountability. Title: 2025 Business Network Breakfast Summary and Approval of 2026 Business Network Meeting Budget Purpose/Background: Purpose: Provide EDA with 2025 Business Network Breakfast Summary and Approval of 2026 Business Network Meeting Budget Background: Staff has put together a short presentation summarizing the 2025 Business Network Breakfast that took place on January 29, 2025 including the finalized budget. EDA Events are designed to be informational, provide networking/marketing opportunities and to strengthen the City/Business relationships. General and Survey feedback was extremely positive; especially regarding the quality and message of the paid speaker (Ben Utecht). The cost for the Keynote speaker was $2,500 which was a great value. Staff believes that securing speakers of that quality in the future likely will be more difficult and potentially more expensive. There were quite a few no shows and food left over. Discussion/suggestions/improvements from the EDA relating to this topic are welcomed by Staff. Staff is asking the EDA for feedback from the 2025 event and approval of the 2026 budget and format of the Business Network Meeting. Notification: N/A Time Frame/Observations/Alternatives: 2025 Business Network Breakfast Summary The 2025 Business Network Breakfast took place on January 29, 2025 at LaFontaine Event Center. There were 157 RSVP's (the most responses for any EDA networking event) with an estimated 115 attendees representing 49 businesses, including 7 elected officials. A full breakfast buffet was provided for attendees. City and Highway 10 project updates were presented. Keynote speaker, Ben Utecht, spoke about having a strong culture in organizations and businesses. A follow-up survey was conducted after the event which included 20 respondents. The feedback was overwhelmingly positive: 90% rated the overall event as "Excellent" and 100% of respondents indicated they would participate again next year. Comments and suggestions for future event topics were solicited and are attached to this case. Budget (2025 Event): The EDA allocated $6,500.00 for the 2025 Business Network Breakfast based on a headcount of 130 with an allotment of $2,500 for a speaker. Expenses came in at $6,829.84 due to an increase in more attendees than originally planned, leaving a deficit of -($329.84). With 157 RSVP's received, food was ordered for 145 people, based on a history of generally 20 no-shows for the event. Items that need resolution / direction include: 1) Left over food . Order less food - Percentage? 145 meals ordered last year with 157 RSVP's (92%) Maybe 75-80% in future?