3.1 EDSR 07-20-2015 - Laserfiche WebLink

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ilk Request for Action River To Item Number Economic Development Authority 3.1 Agenda Section Meeting Date Prepared by Budget workshop July 20,2015 Colleen Eddy, Economic Development Specialist Item Description Reviewed by Marketing/Advertising Budget Breakdown Amanda Othoudt,EDD Reviewed by Cal Portner, City Administrator Action Requested Item presented for information. Background/Discussion The proposed 2016 Marketing/Advertising budget is $72,850 which reflects a$5,350 reduction from the 2015 budget. There have been several items that have increased due to new initiatives. Some of the marketing items have stayed the same or were reduced due to accomplishing some performance measures and goals in 2014/2015. The advertising budget was increased to $6,300 due to new initiatives and a more focused approach in trade industry advertising. We have added marketing options to recruit brew pubs, tap houses and distilleries based on discussions from the commission. The City of Elk River will participate as a host at the upcoming Familiarization (FAM) Tour facilitated by the Positively Minnesota Marketing Partnership (PMMP).The Special Events budget increased slightly to accommodate this new event along with existing activities such as a new broker event,Energy City Business of the Year event,Manufactures Week events—"Dream it Do it" tours, and Business Roundtable events specific to the manufacturing industry. One of the performance measures this year is to facilitate strategic recruiting for the designate four targeted industries it is important to continue attending trade shows and lead generation events. Renewing the city's membership with the PMMP helps the city influence Minnesota's economic development marketing strategy,increase the EDA's visibility and incorporate the marketing partnership into our local and regional marketing plan. An addition to the advertising and marketing budget is a line item for updating the EDA website. We have transferred$5,700 from EDA-owned property line item and added a separate line item for updating the EDA website. In the past, this budget item consisted of signage,which was already purchased and installed in 2015. In 2016,we propose to advertise the EDA-owned property in specific publications such as the Conway Data publication which is a data center site selector-specific magazine that features over 49,000 subscribers and over 30,000 online subscribers. Financial Impact Marketing/Advertising Proposed Budget$72,850.00. Attachments • 2016 Marketing/Advertising Budget Breakdown i-erERE1 IT Template Updated 4/14 NATURE