7. EDSR 08-13-2012 - Laserfiche WebLink

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Advertising/Marketing. The increase is attributed to additional direct mailings,advertising and promotional items to promote the brand, financial incentives and available land. The attached 2013 marketing and advertising report outlines the activities. Also included is $15,000 for sponsorships which are considered on a case-by-case basis and approved when they show to provide value to our mission. 2012 sponsorships include the following: • ArtSoup • Independence Day Celebration • ERX ISOC National Race • Economic Development Association of MN (EDAM) • MN Commercial Association of Realtors (MNCAR) • Elk River Area Chamber of Commerce • Various local 5K Races Requests for cash contributions that do not result in advertising/marketing opportunities will continue to be brought to the EDA for consideration. Dues/Subscriptions. An increase of EDAM dues and Elk River Area Chamber of Commerce dues account for the increase. Conferences &Schools. Will enable the Assistant Director to finish his remaining two Economic Development Finance Professional Certification courses through the National Development Council (NDC). Also includes a transfer out to the General Fund for shared administrative/personnel services. In 2004 the Personal Services costs were adjusted from 70/30 percent EDA and HRA respectively to 60/40 percent due to staff time allotted to the downtown construction project and redevelopment planning. It is proposed that this continue in 2012 due to staff time spent on foreclosure prevention activities and the anticipated Downtown Redevelopment Plan. Initiative Foundation Annual Contribution Request. Information about the Initiative Foundation's 2013 request of$2,500 is attached. Prior to 2007, the EDA made a series of contributions to the Initiative Foundation and chose not to contribute 2008-2011. The EDA approved a$2,500 contribution earlier this year, fulfilling the foundation's 2012 request. In the past two years, the EDA has received$6,500 from the Foundation for the Economic Development Assistant's NDC training and the branding and marketing project. If the EDA chooses to approve this request, the$2,500 will be taken from the miscellaneous line item. EDA Development Fund Balance. In 2008, the EDA adopted a Fund Balance Policy to designate a percentage of its year end cash fund balance to EDA Development Projects. The balance is intended to be used for development expenses such as land acquisition and related assembly costs for future commercial/industrial parks. Earlier this year,the EDA approved$450,000 to be utilized for the first phase of infrastructure for Nature's Edge Business Center. As a goal in the 2009-2012 Strategic Plan, staff is evaluating the current inventory of available commercial and industrial land and evaluating assembly options (ownership,improvements, financing, etc.) In addition to its operating budget the EDA has access to the following funds for specific economic development projects (recent balance sheets attached):