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ITEM # 7. <br />1111 \~~\ <br />River <br />MEMORANDUM <br />TO: Economic D velopment Authority <br />3 <br />FROM: Annie Dec i~o~ic ment Assistant <br />DATE: June 13, 2008 <br />SUBJECT: Update on Restaurant Marketing Activities <br />Background <br />In late 2007, Economic Development Staff completed a number of marketing tactics in <br />regard to the EDA's desire for restaurant recruitment: <br />Researched and developed a listing of restaurants and contact information <br />Researched and developed inventory of available commercial property for <br />sale/lease and posted the list on the city website <br />Dispersed a direct mail marketing letter, including the available sites list and <br />community information to the restaurant contact list (over 80 restaurants) <br />Response <br />Since the distribution of the marketing letter, staff has received one follow-up response; <br />confirming the letter was received. Staff has not heard from any of the other restaurant <br />contacts. In the meantime, additional restaurant contacts have been added to the <br />comprehensive list, and the available site list has been updated and posted on the city <br />website. <br />Next Steps <br />At the May 12`h, 2008 EDA meeting, the EDA authorized staff to enter into a contract <br />with the University of MN Extension Service to conduct a Retail Trade Analysis Report <br />and hold a workshop. Staff has met with Claudia Cody, U of M Extension Service region <br />consultant, and has reviewed the preliminary RTA report statistics. (Ms. Cody will be <br />presenting the data at the August EDA meeting) Staff feels the statistics in the report <br />would be extremely valuable data to share with the restaurant contact list, and benefits <br />Elk River's marketability to the restaurant market. <br />