HomeMy WebLinkAbout~Master - Retail Market Analysis RESOLUTION NO. 12-106
RESOLUTION APPROVING FUNDING REQUEST FOR
RETAIL MARKET ANALYSIS
FOR THE CITY OF AMES,IOWA
WHEREAS, in January 2012, the City Council reaffirmed its goal to "Promote Economic
Development"by developing Ames as a regional center and by supporting private sector growth to
improve quality of life, increase number of jobs and develop a stronger tax base; and,
WHEREAS, at this same time, the Ames Economic Development Commission (AEDC)
Board of Directors revised its five-year Strategic Plan to create a new objective to increase retail
business sales by first determining the needs of the Ames area and the best possible targets for
recruitment; and,
WHEREAS, as a result of these policy actions,the City Manager and Executive Director of
the AEDC began discussions about possible partnerships to accomplish these mutual goals, and it
was agreed that the first step should be to complete a market study, and,
WHEREAS, the AEDC has researched companies that can provide market level data and
analyses regarding the residents and workers within Ames,and this analysis will help us understand
the retail trade area,the residential and workforce consumer populations within the trade area, and
the specific retailers who match the profiles of our trade area's consumer populations; and,
WHEREAS,this information will provide the tools to stop the retail leakage that Ames has
been experiencing by: 1)giving information to existing businesses that will help them optimize their
existing market potential, and 2) assisting in the recruitment of new businesses that are needed to
fill the retail gap; and,
WHEREAS,Buxton appears to offer more than other companies that rely mostly on census
demographic information when performing market analyses, and since Buxton holds the largest
repository of household-level information in the United States, it is able to analyze hundreds of
variables/values across numerous categories,providing a more in-depth understanding of the makeup
of different segments of our population base and the households in and around Ames; and,
WHEREAS,to build the retail model and deploy it,along with a 12-month subscription,will
cost $35,000, and the AEDC has offered to pay for$17,500, or half of the total amount, therefore,
the City is being asked to pay the remaining$17,500.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Ames, Iowa,
that the funding request for a Retail Market Analysis with Buxton of Fort Worth, Texas, in an
amount of$35,000, with the City and Ames Economic Development Commission each paying
$17,500 is hereby approved.
ADOPTED THIS 61h day of March, 2012.
Ax. 67A-
Diane R. Voss, City Clerk Ann H. Campbell, Mayor
Introduced by: Davis
Seconded by: Larson
Voting aye: Davis, Goodman, Larson, Orazem, Szopinski, Wacha
Voting nay: None Absent: None
Resolution declared adopted and signed by the Mayor this 6t' day of March, 2012.