4.3.
Economic Development Authority (EDA)
- Meeting Date:
- 06/08/2023
- Submitted For:
- Sean Sullivan
- By:
- Wendy Schlueter, Community Development
Title:
Receive 2023 Business Expo Summary and Select 2024 Venue and Date
Purpose/Background:
Purpose:
Provide EDA with 2023 Business Expo event summary and to select 2024 venue and date
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 2023 Event.
Provide EDA with 2023 Business Expo event summary and to select 2024 venue and date
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 2023 Event.
Notification:
N/A
Observations/Alternatives:
The 2023 Event:
The April 29, 2023 spring event was full at 59 vendor booths which was the same as April 2022. Attendance was estimated to be around 650 people, similar to 2022. Staff has received 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 added to attendance for the event. Staff incorporated Facebook ads, local websites and local newspapers for marketing. Ramsey businesses made up 80% of booth vendors at the event, the highest since 2010. (Average is about 70% Ramsey businesses). 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 (2023 Event):
The EDA allocated $5,000.00 for the 2023 Business Expo. Total Revenues (including EDA Allocation) for 2023 were $8,245.00 with 2023 Expenses coming in at $7,428.45 leaving a $816.55 net cash reserve for the 2023 event. Based on the reserve, the net contribution in 2023 by the EDA was $4,183.45.
The Future (2024 Event):
Staff would like to set April 27, 2024 for next year to get on the event reservation schedule for Adrenaline. A 2024 budget will be developed later once costs are determined and staff is confident that $5,000 should be sufficient. Staff is also open to suggestions on how we can improve the event in the future.
The April 29, 2023 spring event was full at 59 vendor booths which was the same as April 2022. Attendance was estimated to be around 650 people, similar to 2022. Staff has received 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 added to attendance for the event. Staff incorporated Facebook ads, local websites and local newspapers for marketing. Ramsey businesses made up 80% of booth vendors at the event, the highest since 2010. (Average is about 70% Ramsey businesses). 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 (2023 Event):
The EDA allocated $5,000.00 for the 2023 Business Expo. Total Revenues (including EDA Allocation) for 2023 were $8,245.00 with 2023 Expenses coming in at $7,428.45 leaving a $816.55 net cash reserve for the 2023 event. Based on the reserve, the net contribution in 2023 by the EDA was $4,183.45.
The Future (2024 Event):
Staff would like to set April 27, 2024 for next year to get on the event reservation schedule for Adrenaline. A 2024 budget will be developed later once costs are determined and staff is confident that $5,000 should be sufficient. Staff is also open to suggestions on how we can improve the event in the future.
Funding Source:
N/A
Recommendation:
Select Adrenaline Sports Center as the home of the 2024 Business Expo and to reserve the venue for April 27, 2024.
and;
Budget $5000 for the 2024 Business Expo
and;
Budget $5000 for the 2024 Business Expo
Action:
Motion to select Adrenaline Sports Center as the home of the 2024 Business Expo and to reserve the venue for April 27 and to budget and allocate $5,000 from the EDA (9230-6249 and 9230-6246).
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Sean Sullivan | Sean Sullivan | 05/30/2023 09:48 AM |
| Brian Hagen | Brian Hagen | 06/01/2023 03:58 PM |
- Form Started By:
- Wendy Schlueter
- Started On:
- 05/05/2023 11:55 AM
- Final Approval Date:
- 06/01/2023