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7.3. EDSR 05-15-2023 Request for Action To Item Number Economic Development Authority 7.3 Agenda Section Meeting Date Prepared by General Business May 15, 2023 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 a presentation of relevant reports and features from Placer.ai which include an updated city leakage report, 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: January 2023 Placer.ai 2023 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 Leakage Report 32,000Maple Grove: –Costco 33,000Rogers: –Kohl’s 34,000Rogers: –Target 63,000Coon Rapids: –Costco 291,000Otsego: –Target Retail (2022)–City of Elk River 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 9,000Rogers: –Noodle’s & Company 10,000Maple Grove: –Raising Cane’s 11,000Coon Rapids: –Raising Cane’s 12,000Maple Grove: –A -fil-Chick14,000Coon Rapids: –A -fil-Chick(2022)Fast Food & QSR –City of Elk River 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(2021)Fa st Food & QSR –City of Elk River Leakage Report 42,000Coon Rapids: –Riverdale Commons 61,000Ramsey: –Marketplace Northstar63,000Albertville: –Albertville Premium Outlets 75,000Maple Grove: –Arbor Lakes Retail Center 77,000Maple Grove: –The Shoppes at Arbor Lakes Community Shopping Centers(2022)–City of Elk River 51,000Coon Rapids: –Riverdale Commons 66,000Ramsey: –Northstar Marketplace 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 Furniture and Things Community Visits Trend Event Center Visitation Furniture and Things Community 6,100Boys Hockey 5A Section Finals: –Wed March 1, 20236,500Boys Hockey 5A Section Finals and Youth Baseball: –Wed March 2, 2022 6,600Boys Hockey: –Sat February 11, 2023 6,900Boys Hockey, Youth Hockey Tournament, Youth Softball: –Sat January 29, 2022 7,000Boys Hockey and Holiday Market: –Sat December 4, 2021 7,200Boys Hockey: –Sat January 7, 2023 8,700Boys Hockey 5AA Section Finals, Lacrosse, Softball Tryouts, Youth Hockey: –Thu March 2, 2023 8,700 Boys Hockey 5AA Section Finals, Youth Baseball: –Thu March 3, 2022 9,400Youth Hockey Tournament: –Sat March 11, 2023 9,600Youth Hockey Tournament: –Sun March 12, 2023 Top 10 Days by Visits–Visits Trend Event Center Visitation Furniture and Things Community 9,3809,6005,990 Sunday March 12, 2023–Friday March 10 –Visits Trend 148 minutesDwell Time: 1.69Visit Frequency: 14,800Visitors: 24,970Visits: Event Center Visitation Over 50mile visitation- Over 50 625/4.2%Rochester: mile visitation- Over 50 476/3.2%Brainerd: 625/4.2%Rochester: mile visitation- Over 50 438/3.0%Warroad:476/3.2%Brainerd: 625/4.2%Rochester: mile visitation- Over 50 403/2.7%Moorhead:438/3.0%Warroad:476/3.2%Brainerd: 625/4.2%Rochester: mile visitation- Over 50 260/1.8%Thief River Falls: 403/2.7%Moorhead:438/3.0%Warroad:476/3.2%Brainerd: 625/4.2%Rochester: mile visitation- Furniture and Things Community Sunday March 12, 2023–Friday March 10 –Visits Trend Event Center Visitation 169 Redefine Analysis May 6, 2023-January 1 –Eastbound Impressions 169 Redefine Analysis 20232022202120202019 NB Highway 169 Traffic Counts 12/1712/311/1911/510/2210/89/249/108/278/137/307/167/26/186/45/215/74/234/93/263/122/262/121/291/151/1350000300000250000200000 150000100000 Retail District Analysis Retail District Analysis 20232022202120202019 Elk River Retail District Visits 12/1712/311/1911/510/2210/89/249/108/278/137/307/167/26/186/45/215/74/234/93/263/122/262/121/291/151/1200000180000160000 14000012000010000080000 The Home Depot 97.7 sq mi/238,920Maple Grove: 103.4 sq mi/243,783Coon Rapids: 126.4 sq mi/125,113Monticello:153.0 sq mi/140,211Elk River: 2022–Trade Area Analysis The Home Depot 2022–Visits Trend Analysis The Home Depot 2022-2017–Visits Trend Analysis Thank you!Requests?Questions?