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Request for Action <br /> <br /> <br /> <br /> <br /> <br />To Item Number <br />Economic Development Authority 7.2 <br />Agenda Section Meeting Date Prepared by <br />General Business May 16, 2022 Brent O’Neil, Economic Development Director <br />Item Description Reviewed by <br />Placer.ai Software Cal Portner, City Administrator <br />Reviewed by <br /> <br /> <br />Action Requested <br />Approve, by motion, a funding amount for a one-year subscription to Placer.ai. <br /> <br />Background/Discussion <br />The EDA received a demonstration of the Placer.ai analytics software program in a joint meeting with the HRA in <br />early May. <br /> <br />The EDA has previously indicated it may be interested in purchasing the program but would want to partner with <br />the HRA on funding. Staff recommends discussion on the EDA’s interest in the software and determining a level <br />in which the EDA would commit to funding the program for the next year. A similar agenda item would be <br />discussed with the HRA at its June meeting. <br /> <br />Financial Impact <br />The total cost of the one-year subscription is $14,250. The existing budget would be able to absorb this expense in <br />2022 through reduced travel and marketing expenses, as well as savings through a staffing vacancy in early 2022. <br /> <br />Mission/Policy/Goal <br />Attract new business development to Elk River to build the City’s economic vibrancy, job offerings and tax base. <br /> <br />Attachments <br /> None <br /> <br /> <br />The Elk River Vision <br />A welcoming community with revolutionary and spirited resourcefulness, exceptional <br /> <br />service, and community engagement that encourages and inspires prosperity. <br /> Updated: August 2020 <br />