6. EDSR 02-13-2012 - Laserfiche WebLink

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Item # 6. MEMORANDUM ver TO: Economic Development Authority FROM: Annie Deckert, Director of Economic Development DATE: February 13, 2012 SUBJECT: Restaurant Development Report BACKGROUND Each year, staff attends Ehlers' Public Finance Seminar in Brooklyn Center. Ehlers is an independent financial advisory company that has serves public sector clients throughout the Midwest and helps them by providing the financial resources they need to build the communities they envision. This years' seminar included different areas of public finance,. which included information regarding development and redevelopment. Staff attended a restaurant development roundtable which featured a panel of experts including a representative from Parasole (developed Manny's Oceanaire, Burger Jones, and others), a real estate broker responsible for expansion strategies, site selection and lease negotiations for PF Chang's, Crave, Olive Garden, Red Lobster and others and a developer with restaurant development experience. DISCUSSION For several years, the community and Economic Development Authority has expressed a strong interest for additional restaurants. In the past few years, staff has been proactive in restaurant recruitment marketing efforts which include direct mails, conference and trade show exhibit, the creation of a SAC/WAC payment program designed specifically for restaurant recruitment and more. As our economic climate has changed, so has the restaurant development climate. Below are some of the comments made by the experts: What's happening in the restaurant market? • Restaurant business is suffering, the capital market for restaurants is in terrible shape • Fine dining is in a "world of hurt" • Fast casual is the new trend; consumers axe looking for better value, smaller portions and healthy eating • "Ma and Pa" owner-occupied restaurants are on the rise r®^E~EO er A~~~