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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 VG�.G /'lr./F./1 VVC\.1. IVIG1411 1J, LV L`7 ATTEST: im TI)ares, Executive Director