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EDA Agenda Memo <br /> July 12, 1999,Meeting <br /> Page 2 <br /> Staff has concluded that in order to make the most out of the EDA's <br /> marketing budget, a marketing plan needs to be developed. Staff <br /> anticipates this will be one of the directives initiated under the recent <br /> Strategic Plan modification process. Such marketing plan will help <br /> direct our marketing efforts including the following: <br /> • ' Better targeting the print advertising <br /> • Help determine targeted distribution of additional marketing <br /> materials <br /> • Develop ideas for additional marketing events/activities <br /> • Provide a better understanding of our current industrial <br /> market, competition, and Elk River's positioning strategy <br /> within such market. <br /> Staff proposes within the next several months to ask the EDA to plan a <br /> couple of educational sessions on economic development marketing, <br /> potentially with an outside professional. The purpose of these sessions <br /> would be to provide the framework for development of a marketing <br /> plan, which would subsequently be implemented over the next several <br /> years. It is important to note the complexity of the marketing <br /> environment within which we'are working including addressing <br /> Aft <br /> several key questions: <br /> • ' What is the product we are selling? <br /> • What is Elk River's"position" in the market place? <br /> • Who are the consumers of our products? <br /> • How do we use limited resources to reach such consumers? <br /> Staff feels the current level of advertising/marketing that is being done <br /> by the EDA is only a"shell"which needs to have a plan developed <br /> within it in order to direct and focus our limited resources. Staff is <br /> recommending within the 2000 budget to retain the current <br /> advertising/marketing efforts at previous year's levels,with the <br /> addition of a $7,000 expenditure for a major marketing event. This <br /> proposed expenditure is in anticipation of completing a marketing plan <br /> that would likely propose additional expenditures in order to <br /> accomplish the goals of the plan. <br /> 6. Consider Resolution 99- Approving and Authorizing a Tax <br /> Increment Pledge Agreement Regarding TIF District No. 19 <br /> Ask Issue <br /> IIP <br /> The city's bond attorney,Jim O'Meara, is recommending approval of <br /> the attached resolution as part of the overall bond sale that was <br /> approved by the City Council on June 28, 1999. <br />