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Request for Action <br /> Cir•ci <br /> Elk - <br /> River= <br /> To Item Number <br /> Economic Development Authority 7.2 <br /> Agenda Section Meeting Date Prepared by <br /> General Business December 20, 2021 Brent O'Neil, Economic Development Director <br /> Item Description Reviewed by <br /> Introduction to Placer.aiCal Portner, Ci Administrator <br /> Reviewed by <br /> Action Requested <br /> Item presented for information and discussion purposes. <br /> Background/Discussion <br /> Staff has been contacted by a firm specializing in location data and analytics, and has received a demonstration of its <br /> product. Placer.ai utilizes geographic data aggregated from mobile data providers to make extrapolated projections <br /> and analyze geographic patterns related to economic development metrics. This product would be a beneficial tool <br /> to better understand factors such as Elk River's retail trade area,workforce commuting patterns, and benchmarking <br /> other data sets. <br /> As a non-budgeted item, staff has identified funds in underspent areas in 2021 and potential savings in 2022 which <br /> could offset the cost of licensing this software in 2022. Primary savings would be through reduction in out-of-state <br /> travel and some modification in the advertising and marketing line. <br /> Staff is seeking feedback on this service and the EDA's interest in pursuing a product of this nature. <br /> Financial Impact <br /> A one-year subscription to this service has been quoted at approximately$14,000. <br /> Mission/Policy/Goal <br /> Support Elk River's existing businesses through relationship building,programmatic offerings, and high-quality city <br /> services. Attract new business development to Elk River to build the City's economic vibrancy, job offerings and <br /> tax base. <br /> Attachments <br /> ■ PowerPoint—"Placer.ai for Municipalities" <br /> ■ Sample Report from Placer.ai <br /> The Elk River Vision P O N E R E o s Y <br /> A welcoming community avith revolutionary and spirited resourcefulness, exceptional [NAWRE <br /> service, and community engagement that encourages and inspires prosperity. Updated.August 2020 <br />