07-21-08 Special Called Regular Meeting of the Development Corporation Board of Directors

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Agenda Date Requested: 7/31/2008 Budeet Requested By: Grph'hpn T ,ar~nn Source of Funds: Department: City M~Rll~er/EDC Account Number: Report: Resolution: Ordinance: Amount Budgeted: - - Exhibits: Contract with Avalanche Consulting Amount Requested: REQUEST FOR LPEDC BOARD AGENDA ITEM SUMMARY & RECOMMENDATION At the meeting of July 21 the Board received a report from the staff of Avalanche Consulting and the Economic Alliance regarding their role in the city-wide economic development strategic plan. After the presentation the Board authorized staff to proceed to negotiations with Avalanche and complete a contract for review and consideration for the 8-4 meeting. The selection committee met with Amy Holloway, CEO of Avalanche, to discuss areas were we felt that current and/or prior studies might be utilized to reduce their research time thereby potentially resulting in an overall cost savings to the Board. As a result of those discussions Amy has realigned her initial proposal price from $119,500 to $116,000 a copy of which is attached to this request along with a letter explaining her rational for the numbers. The travel expenses remained the same at a price of not to exceed $3,500. As was mentioned on July 21, typically the plan will need to be tweaked and adjusted over time. Therefore, staff would like to ask that the Board to keep in mind the idea of establishing a long term relationship with Amy and her team for updates to the plan as we move forward if you are pleased with the initial plan. We feel that they will do an outstanding job for the City and know that continuity in the review and tweaking of the plan over time is best accomplished with the same team. Recommended updates and reviews should happen at approximately 3,5, and 7 years and can be adjusted as needed. We will of course return with this recommended plan of action for the Boards consideration during future budget cycles as appropriate. As a reminder the budget adjustment not to exceed $125,000 has already been approved by the Board and confirmed by City Council at their meeting of July 14. We will update the Council as to your actions at their meeting and request expenditure of the funds if in fact you authorize us execute the contract with Avalanche on 8-4.