7.2 EDSR 04-15-2024The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional service, and community
engagement that encourages and inspires prosperity
Request for Action
To
Economic Development Authority
Item Number
7.2
Meeting Date
April 15, 2024
Prepared By
Joshua Mollan, Economic Development Specialist
Item Description
Placer.ai Renewal
Reviewed by:
Brent O'Neil
Cal Portner
Action Requested
Approve, by motion, a one-year renewal of the Placer.ai subscription.
Background/Discussion
City staff have continued implementing Placer.ai where beneficial. The platform has been used in the following
ways, among others: local presentations and data sharing (Elk River Area Chamber of Commerce, Downtown
Elk River Business Association), local event visitor analysis (Riverfront Concert Series, Farmers Market, EV
Expo), 169 Redefine business impact and traffic analysis, annual leakage reporting, local facilities' visitation data
for the city sponsorship package, traffic pin analysis to assist in billboard placement/timing, Orono Lake
Improvement District collaboration for lake user analysis.
The software is set to renew on May 31st for $15,712. For the past two years, the annual charge has been
split evenly between the EDA and HRA. Staff have found that the software is used for the activities of the
EDA in a higher proportion than the HRA. Staff suggests updating the split where the EDA would cover 70%
($10,998.40) of the annual charge and the HRA would cover the remaining 30% ($4,713.60).
Staff plans to provide an updated Placer.ai presentation to the board at the May meeting.
Financial Impact
The EDA share of the one-year renewal is $10,998.40, which is 70% of the total annual charge of $15,712.
Mission/Policy/Goal
Attract new business development to Elk River to build the City’s economic vibrancy, job offerings and tax
base.
Attachments
None
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