4.3.
Economic Development Authority (EDA)
- Meeting Date:
- 05/09/2019
- Submitted For:
- Sean Sullivan
- By:
- Sean Sullivan, Community Development
Title:
Receive 2019 Business Expo Summary
Purpose/Background:
Purpose:
Provide EDA with 2019 Business Expo event summary
Background:
The City of Ramsey EDA moved the venue from The Fountains at Ramsey to Adrenaline Sports Center. The event took place on April 6, 2019 from 10 AM to 2 PM. The move was made to grow the event and to build potential synergy with the existing business and its customers. This year, post card invites were not sent out in an effort to reduce some cost that could be reallocated into the venue set-up. Increased use of social media, print advertising and signage was used instead which reduced advertising costs. Based on attendance it appears as if the new marketing methods have been successful. Staff has received positive feedback from the exhibitors, venue and attendees.
Provide EDA with 2019 Business Expo event summary
Background:
The City of Ramsey EDA moved the venue from The Fountains at Ramsey to Adrenaline Sports Center. The event took place on April 6, 2019 from 10 AM to 2 PM. The move was made to grow the event and to build potential synergy with the existing business and its customers. This year, post card invites were not sent out in an effort to reduce some cost that could be reallocated into the venue set-up. Increased use of social media, print advertising and signage was used instead which reduced advertising costs. Based on attendance it appears as if the new marketing methods have been successful. Staff has received positive feedback from the exhibitors, venue and attendees.
Notification:
N/A
Observations/Alternatives:
The Event:
The event was successful in both size and venue. Exhibitor attendance was up from 49 booths to 61 booths. Estimated attendance was up from about 300 to nearly 600 people. The feedback from the vendors was overwhelmingly positive in relation to the new venue and experience.
The Budget:
The EDA allocated $7,000.00 for the 2019 Business Expo which was $1,000.00 more than last year. Total Revenues (including EDA Allocation) for 2019 were $10,690 with Expenses coming in at $10,049.59 leaving a $640.41 cash reserve for the event. Based on the reserve the net contribution by the EDA was $6,359.59. Event Revenue was up $1,320 from last year based on the ability to sell more booths. However, expenses were up based on the price of the kids games and the pipe and drape for the venue setup.
The Future:
There had been questions relating to the benefit, format and success of the event over the past few years. The new venue, project team and businesses seemed to energize the event again and it makes sense to continue into the future. Based on the overwhelming positive feedback Staff is recommending that we select Adrenaline Sports Center as the venue for next year. Staff has contacted Adrenaline Sports Center and he has reserved April 4, 2020 fo us next year if we want it. Staff supports locking in this date and formally reserving the venue for next year.
The event was successful in both size and venue. Exhibitor attendance was up from 49 booths to 61 booths. Estimated attendance was up from about 300 to nearly 600 people. The feedback from the vendors was overwhelmingly positive in relation to the new venue and experience.
The Budget:
The EDA allocated $7,000.00 for the 2019 Business Expo which was $1,000.00 more than last year. Total Revenues (including EDA Allocation) for 2019 were $10,690 with Expenses coming in at $10,049.59 leaving a $640.41 cash reserve for the event. Based on the reserve the net contribution by the EDA was $6,359.59. Event Revenue was up $1,320 from last year based on the ability to sell more booths. However, expenses were up based on the price of the kids games and the pipe and drape for the venue setup.
The Future:
There had been questions relating to the benefit, format and success of the event over the past few years. The new venue, project team and businesses seemed to energize the event again and it makes sense to continue into the future. Based on the overwhelming positive feedback Staff is recommending that we select Adrenaline Sports Center as the venue for next year. Staff has contacted Adrenaline Sports Center and he has reserved April 4, 2020 fo us next year if we want it. Staff supports locking in this date and formally reserving the venue for next year.
Funding Source:
EDA Marketing Budget
Recommendation:
Select Adrenaline Sports Center as the home of the 2020 Business Expo and to reserve the venue for April 4, 2020.
Action:
Motion to select Adrenaline Sports Center as the home of the 2020 Business Expo and to reserve the venue for April 4, 2020.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Sean Sullivan (Originator) | Sean Sullivan | 05/02/2019 03:54 PM |
| Brian Hagen | Tim Gladhill | 05/02/2019 04:09 PM |
- Form Started By:
- Sean Sullivan
- Started On:
- 05/02/2019 01:58 PM
- Final Approval Date:
- 05/02/2019