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