6. EDSR 09/10/2007 - Laserfiche WebLink

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Discuss Restaurant Recruitment September 10, 2007 EDA Meeting Page 2 of 3 the creation of a daytime population and white-collar jobs. For example, restaurants locate within communities based off of certain market supported criteria. As shown in the example below, Houlihan's Restaurants, Inc. has trade area criteria that a community must meet before Houlihan's decides to locate there. The below chart provides a general idea of how Elk River may fit within certain criteria, using Houlihan's as an example. The information is based on a 5-mile radius with Elk River located directly in the center, however depending on where a restaurant may wish to locate within the City, the numbers may change slightly. Houlihan's Criteria Elk River Population Density 150,000 people within 5 miles 84,504 people within 5 miles Affluent Households 40,000 households with annual 10,141 households household income greater than with incomes greater $60,000 within 5 miles than $60,000 within 5 miles White-Collar Employment 20,000 daytime employment 18,861 total workforce (business lunches and happy hours) within a 3 mile radius (blue &white-collar) within 5 miles Specialty Retail/Lodging mid-scale hotels, specialty retail, Movie theater, big box designation entertainment retail, hotels & downtown ark .:J_J L.. /__ .... ~.... AA..~L.11 Source: Houlihan's Website and MN Uemograpnic center a~ u.~. e,ensus oureuu ~yrunuc~ ~y ..~~~~~~~~~ ~~~~~~~~i If the EDA wishes to focus on the marketing component of restaurant recruitment, it is important that a restaurant marketing strategy is developed to ensure marketing funds and efforts are effectively utilized rather than on a "shotgun" approach. Four key discussion points that will help frame this strategy are outlined below. Staff is requesting that the EDA provide direction on these issues: I. Define Primary Role A. Is the EDA's primary goal to serve as a marketing agent for Elk River's restaurant site options and opportunities, acting as the communication link between restaurant prospects and property owners? II. Define Vision A. What types of restaurants does the EDA want to attract? Some examples may include: i. Ethnic ii. Sports bars iii. Family sit-down iv. Fine dining v. Independent owners vi. Innovative franchises III. Discuss Marketing Policy Issues A. Does the EDA wish to offer financial incentives to restaurants?