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HomeMy WebLinkAbout03 17 2014 EDA Report 7B 4646 Dakota Street SE Prior Lake, MN 55372 ECONOMIC DEVELOPMENT AUTHORITY AGENDA REPORT MEETING DATE: March 17, 2014 AGENDA #: 7B PREPARED BY: Dan Rogness, Community & Economic Development Director AGENDA ITEM: PHASE ONE CONTRIBUTION FOR JOINT MARKETING EFFORT DISCUSSION: Introduction The purpose of this agenda item is to review a funding request for a joint marketing effort History Recently, the Mayor and City Manager have been invited to participate in discus- sions led by Mystic Lake Casino Hotel regarding joint marketing in this area of Scott County. Other participants have included Canterbury Park, Renaissance Festival, Valleyfair and Shakopee. A plan overview is provided as an attachment. Current Circumstances Mystic Lake Casino Hotel will be using its existing marketing firm, Goff Public, to develop a Phase One marketing plan. The estimated cost is $60,000 of which $50,000 will be paid by Mystic Lake and Canterbury. The remaining $10,000 will be divided by the partners on a voluntary basis (no formula). The EDA should consider a contribution of $2,500 from its 2014 budget from Professional Services as Prior Lafirst phase. Conclusion It may be beneficial for the EDA to provide some financial support due to the po- tential economic impact to Prior Lake. President Hedberg will provide more details at the meeting. ISSUES: For many years the city has sought to find a way to take advantage of the many visitors to these entertainment venues. To date, we have not been successful. This initiative is intended to incorporate the strengths of Prior Lake in the marketing so that increasing clientele in this area will visit the downtown and other commer- cial areas. Added visitors will improve the market for local businesses. More employment op- portunities will be available, although many may be entry level jobs that could ben- efit Prior Lake area youth. Finally, additional visitors can mean the need for greater police and maintenance services. FINANCIAL The EDA has a 2014 Professional Services budget of $40,000 with pending ex- IMPACT: penditures as follows: 1. 2. $12,000 transfer to Technology Village (agenda item 7A). This leaves a balance of $26,000 from which to allocate the proposed $2,500. ALTERNATIVES: 1. Approve an allocation of $2,500 from the EDA 2014 budget (Professional Services) to Mystic Lake for Phase One of joint marketing; 2. Table action, and provide further direction to staff. RECOMMENDED Staff recommends Alternative #1 MOTION: ATTACHMENTS: 1. Marketing Plan Overview 2