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<br /> <br />Request for Action <br /> <br /> <br /> <br />To Item Number <br />Housing and Redevelopment Authority and 2. <br />Economic Development Authority <br />Agenda Section Meeting Date Prepared by <br />Special Meeting May 2, 2022 Brent O’Neil, Economic Development Director <br />Item Description Reviewed by <br />Placer.ai Analytics Software Program Demonstration Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Item presented for information and discussion purposes. <br /> <br />Background/Discussion <br />Staff has been contacted by a firm specializing in location data and analytics and has received a demonstration <br />of its product. Placer.ai utilizes geographic data aggregated from mobile data providers to make extrapolated <br />projections and analyze geographic patterns related to economic development metrics. This product would be a <br />beneficial tool to better understand factors such as Elk River’s retail trade area, workforce commuting patterns, <br />and benchmarking other data sets. <br /> <br />As a non-budgeted item, staff has identified funds in underspent areas in 2021 and potential savings in 2022 <br />which could offset the cost of licensing this software in 2022. Primary savings would be through reduction in <br />out-of-state travel and some modification in the advertising and marketing line. <br /> <br />Staff is seeking feedback on this service and the HRA and EDA’s interest in pursuing a product of this nature. <br /> <br />Financial Impact <br />A one-year subscription to this service has been quoted at approximately $14,000. <br /> <br />Mission/Policy/Goal <br />Support Elk River’s existing businesses through relationship building, programmatic offerings, and high-quality <br />city services. Attract new business development to Elk River to build the City’s economic vibrancy, job offerings <br />and tax base. <br /> <br />Attachments <br /> “Placer.ai for Municipalities” Packet <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and <br />community engagement that encourages and inspires prosperity <br />