EDA Meeting Minutes - 2/14/2024 (Workshop)MINUTES
ECONOMIC DEVELOPMENT AUTHORITY (EDA) SPECIAL MEETING
Wednesday, February 14, 2024 — 5:00 p.m.
Academy Room, Monticello Community Center
Commissioners Present: President Steve Johnson, Vice President Jon Morphew, 011ie
Koropchak-White, Rick Barger, Councilmember Tracy Hinz, Mayor
Lloyd Hilgart
Commissioners Absent: Treasurer Hali Sittig
Staff Present: Executive Director Jim Thares, Angela Schumann, Hayden
Stensgard
1. Call to Order
President Steve Johnson called the special meeting of the Monticello EDA to order at
5:00 p.m.
President Johnson called the roll.
2. Retail Market Analysis Discussion
Executive Director Jim Thares provided an overview of the agenda item to the EDA
and the public. Jim McComb, retail marketing professional, was in attendance to
present to the EDA about utilizing a retail market analysis for their commercial
development goals and efforts in the future.
Community Development Director Angela Schumann asked how long the data is
relevant once a retail market analysis is complete for a community. Mr. McComb
clarified that the data remains relevant for roughly five years.
Vice President Jim Morphew asked if a retail market analysis needs to be tailored
specifically for the type of retail business the EDA would seek to attract. Mr.
McComb clarified that the basic information included in the market analysis would
remain for all types of retail interest. When working with a specific group that is
considering Monticello as a place for their business, the analysis can be tailored
specifically to their business concerns and needs for information. There does not
need to be multiple analyses conducted to reach all areas of retail.
Mayor Lloyd Hilgart noted that many businesses and site selectors have access to
similar data that provides them with an understanding of demographics and existing
store traffic in areas that they would consider building in. Mr. McComb noted that
when cities conduct a retail market analysis for their community, they can provide a
lot more detail than what the national databases can provide.
Mr. McComb closed with a suggestion that if the EDA was interested in conducting a
retail market analysis, they should begin by having a meeting to discuss their goals
and challenges and develop a work plan to address each of those goals identified.
No action was taken on the item.
3. Adjournment
TRACY HINZ MOVED TO ADJOURN THE SPECIAL MEETING OF THE MONTICELLO EDA.
OLLIE KOROPCHAK-WHITE SECONDED THE MOTION. MOTION CARRIED
UNANIMOUSLY, 6-0. MEETING ADJOURNED AT 5:59 P.M.
Recorded By: Hayden Stensgard
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ATTEST:
im TI)ares, Executive Director