01-27-20 Regular Meeting of the La Porte Development Corporation Board

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REQUEST FOR LA PORTE DEVELOPMENT CORPORATION BOARD AGENDA ITEM Appropriation Agenda Date Requested: January 27, 2020 Source of Funds: Requested By: Ryan Cramer, E.D. Coordinator Account Number: Department: Administration Amount Budgeted: Report Resolution Ordinance Amount Requested: Budgeted Item: Yes No Exhibits: None SUMMARY At our last meeting, there was interest in an economic development master plan, with a specific interest in retail attraction. The Pasadena EDC has finished one study recently and started another. TIP Strategies finished an Economic Development Strategic Plan for Pasadena in July of 2018 at a cost of $150,000 while a Convention Center Master Plan is being completed at a cost of $275,000. Our cost 2012. There are three general routes available in this matter: i. True Strategic Plan. This would serve as our roadmap for economic development in La Porte going forward, offering insight on potential corridors staff and the Board should focus on with a scope that goes beyond retail. General cost seems to be in the $100,000 to $150,000 range. ii. Retail Recruitment. This option provides the City with analytics, a retail specific recruitment strategy and representation at trade shows etc. This would be very similar to the Catalyst report done in 2013 with recruitment added in. The cost appears to be between $40,000 and $60,000. iii. General Data Update. This is the least involved of the options, we would be refreshing our numbers, specifically as it relates to Primary Trade Area and how that compares to certain retailers. This can be done for less than $10,000. This item was not specifically budgeted for. Higher cost strategies would most likely have to be budgeted for in the next budget cycle. With the information taken from this discussion, staff can put together a RFP and go out for bid.