4.3.
Economic Development Authority (EDA)
- Meeting Date:
- 06/09/2022
- Submitted For:
- Sean Sullivan
- By:
- Sean Sullivan, Community Development
Title:
Receive 2022 Business Expo Summary and Select 2023 Venue and Date
Purpose/Background:
Purpose:
Provide EDA with 2022 Business Expo event summary and to select 2023 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 2022 Event.
Provide EDA with 2022 Business Expo event summary and to select 2023 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 2022 Event.
Notification:
N/A
Observations/Alternatives:
The 2022 Event:
The April 30, 2022 spring event was full at 59 booths which was up from 52 in October 2021. Attendance was estimated to be between 650-750 people which is most this event has ever had. Staff has received positive feedback from the exhibitors, venue and attendees. A cool, rainy spring day and a corn-hole bag tournament on the other half of Adrenaline could have help attendance for the event. Staff did incorporate Facebook marketing for the event and believes that this did help attendance. The event still included some businesses outside of the City of Ramsey (65% were Ramsey businesses) which means that there is still room for Ramsey growth at the current venue.
The Budget (2022 Event):
The EDA allocated $5,000.00 for the 2022 Business Expo. Total Revenues (including EDA Allocation) for 2022 were $8,460.00 with 2022 Expenses coming in at $7,488.77 leaving a $971.23 net cash reserve for the 2022 event. Based on the reserve the net contribution in 2022 by the EDA was $4,028.77.
The Future (2023 Event):
Based on the success of the 2022 Expo staff would like to begin to set a date for next year's event. April 22 and April 29 are dates that work for the venue in 2023. The EDA will need to decide which day to select so that Adrenaline can plan accordingly for other event planning. A 2023 budget will be developed later once costs are determined in the future but staff is confident that $5,000 should be sufficient. Staff is currently not suggesting any changes to the event format. Staff is also open to suggestions on how we can improve the event in the future.
The April 30, 2022 spring event was full at 59 booths which was up from 52 in October 2021. Attendance was estimated to be between 650-750 people which is most this event has ever had. Staff has received positive feedback from the exhibitors, venue and attendees. A cool, rainy spring day and a corn-hole bag tournament on the other half of Adrenaline could have help attendance for the event. Staff did incorporate Facebook marketing for the event and believes that this did help attendance. The event still included some businesses outside of the City of Ramsey (65% were Ramsey businesses) which means that there is still room for Ramsey growth at the current venue.
The Budget (2022 Event):
The EDA allocated $5,000.00 for the 2022 Business Expo. Total Revenues (including EDA Allocation) for 2022 were $8,460.00 with 2022 Expenses coming in at $7,488.77 leaving a $971.23 net cash reserve for the 2022 event. Based on the reserve the net contribution in 2022 by the EDA was $4,028.77.
The Future (2023 Event):
Based on the success of the 2022 Expo staff would like to begin to set a date for next year's event. April 22 and April 29 are dates that work for the venue in 2023. The EDA will need to decide which day to select so that Adrenaline can plan accordingly for other event planning. A 2023 budget will be developed later once costs are determined in the future but staff is confident that $5,000 should be sufficient. Staff is currently not suggesting any changes to the event format. 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 2023 Business Expo and to reserve the venue for a Saturday in April of 2023.
Action:
Motion to select Adrenaline Sports Center as the home of the 2023 Business Expo and to reserve the venue for April 22 or April 29 (SELECT ONE) and to allocate $5,000 from the EDA.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Sean Sullivan (Originator) | Sean Sullivan | 05/23/2022 10:22 AM |
| Brian Hagen | Brian Hagen | 05/31/2022 03:16 PM |
- Form Started By:
- Sean Sullivan
- Started On:
- 05/02/2022 03:50 PM
- Final Approval Date:
- 05/31/2022