Title
Consider/Discuss/Act on a Resolution Authorizing the Interim City Manager to Execute a Contract with "The Retail Coach" for a Retail Economic Development Plan
Summary
MEETING DATE: September 16, 2014
DEPARTMENT: City Manager's Office
CONTACT: Tom Muehlenbeck, Interim City Manager
Cindy Schneible, Executive Director
RECOMMENDED CITY COUNCIL ACTION:
· Approval of Resolution.
ITEM SUMMARY:
· The Retail Coach is proposing to perform a market analysis of both the City of McKinney and surrounding communities to enable us to determine where our retail market is and to develop a strategy to grow our retail community.
BACKGROUND INFORMATION:
· As McKinney continues to grow, it is important to understand where our retail market is relative to other communities that border our City.
· This study will assist in developing an overall strategy in an effort to target a retail market that best suits the City.
· The proposed study will be done in phases as follows:
o Phase 1 - Market Analysis and Locational Intelligence to include -
· Area Competition
· Community Analysis
· Determination of McKinney Submarkets
o Phase 2 - Community and Consumer Analytics to include -
· Demographic, Socioeconomic, Psychographic Profiles and Land Use/Development Analysis
o Phase 3 - Retail Strategies
o Phase 4 - Developer Strategies
o Phase 5 - Action Plan
o Phase 6 - Retail Coaching
FINANCIAL SUMMARY:
· Total fee for this proposal is $50,000 and will be paid for as follows:
o $25,000 MCDC
o $10,000 MEDC
o $15,000 City General Fund
BOARD OR COMMISSION RECOMMENDATION: None