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7.1. EDSR 10-17-2022Request for Action To Item Number Economic Development Authority 7.1 Agenda Section Meeting Date Prepared by General Business October 17, 2022 Joshua Mollan, Economic Development Specialist Item Description Reviewed by Placer.ai Presentation Brent O’Neil, Economic Development Director Reviewed by Cal Portner, City Administrator Action Requested Item presented for information and discussion purposes. Background/Discussion Staff will use this time to share relevant reports and features from Placer.ai which include: city leakage report, downtown heat map, Furniture and Things Community Event Center, visit trends, and more. Financial Impact N/A Mission/Policy/Goal Support Elk River’s existing businesses through relationship building, programmatic offerings, and high-quality city services. Attract new business development to Elk River to build the City’s economic vibrancy, job offerings and tax base. Attachments  None The Elk River Vision A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community engagement that encourages and inspires prosperity. Updated: August 2020 Placer.ai 2022-17-10 Results Overview Leakage Report Understand where potential tax dollars are lostIdentity entities for which residents leave the mostIdentify unmet needs for residents Leakage Report Leakage Report Leakage Report Leakage Report 31,000Maple Grove: –Costco 36,000Rogers: –Target 43,000Rogers: –Kohl’s 68,000Coon Rapids: –Costco 304,000Otsego: –Target Retail (2021)–City of Elk River Leakage Report 13,000Ramsey: –Acapulco 14,000Coon Rapids: –Texas Roadhouse 18,000Otsego: –Denny’s 28,000Otsego: –Rockwood’s Grill 33,000Otsego: –Cowboy Jack’s Restaurants (2021)–City of Elk River Leakage Report 8,000Rogers: –Freddy’s 9,000Maple Grove: –Raising Cane’s 9,000Maple Grove: –A -fil-Chick13,000Coon Rapids: –Raising Cane’s 14,000Coon Rapids: –A -fil-ChickFast Food & QSR (2021)–City of Elk River Leakage Report 51,000Coon Rapids: –Riverdale Commons 66,000Ramsey: –67,000Maple Grove: –The Shoppes at Arbor Lakes 67,000Albertville: –Albertville Premium Outlets 71,000Maple Grove: –Arbor Lakes Retail Center Community Shopping Centers(2021)–City of Elk River Heat Map Furniture and Things Community Visits Trend Event Center Visitation Furniture and Things Community 5,900Boys Hockey, Youth Hockey Tournament, Youth Softball: –Sat January 8, 2022 6,500Boys Hockey 5A Section Finals and Youth Baseball: –Wed March 2, 2022 6,900Boys Hockey, Youth Hockey Tournament, Youth Softball: –Sat January 29, 2022 7,000Boys Hockey and Holiday Market: –Sat December 4, 2021 8,700 Boys Hockey 5AA Section Finals, Youth Baseball: –Thu March 3, 2022 Top 5 Days by Visits–Visits Trend Event Center Visitation Furniture and Things Community Thursday March 3, 2022–Visits Trend Event Center Visitation Furniture and Things Community Event Center Visitation Furniture and Things Community Event Center Visitation Retail District Analysis Retail District Analysis Retail District Analysis Retail District Analysis Retail District Analysis Retail District Analysis Thank you!Requests?Questions?