Loading...
HomeMy WebLinkAbout2018-10-22 18-400 Order 10/22/201818-400 10/22/2018 18-400 Community & Economic Development Order N/A Title, Order Authorizing Execution of an Agreement with Buxton for Business Retention and Expansion Services This order authorizes an agreement with Buxton in the amount of $50,000 per year for up to three years for business retention and expansion services. In recent years the City has seen a decline in commercial activity, particularly in parts of the Hogan Road area. Buxton utilizes significant data analytics to provide a retail strategy for recruitment and retention that is customized to our community. Under the proposal, Buxton would agree to provide market research on potential retailers, develop a retailer profile utilizing data analytics, create marketing packages for use by the city in attracting retailers, provide tools to support business retention efforts and help provide data tools that local business owners make marketing decisions. As part of this, the City will obtain 4 licenses for use of SCOUT which is a data anlaytics tool with the ability to run demographic and trade area profile reports along with access to market maps and data elements. In addition, the City will receive free subscriptions to Local Store Marketing (LSMx), an App, which can be used by local retailers and businesses to enhance marketing capabilities. The term of the agreement is for 3 years at a fee of $50,000 per year. Payment under the terms of the contract are as follows: Year one, 50% invoiced upon execution of the agreement and 50% invoiced after Buxton delivers a report targeting retailers; and year two will be invoiced on the 1st anniversary of the agreement; and year three to be invoiced on the second anniversary of the agreement. The contract can be canceled upon notice at least 60 days prior to the anniversary of the agreement. The final form of the agreement is to be approved by the City Solicitor. If approved, the funding would come from the Mall area TIF. Business & Economic Development Committee 10/16/2018 Recommend for passage 50 New Business 10/22/201818-400 CITY OF BANGOR ORDER 10/22/2018 18-400 Graham Authorizing Execution of an Agreement with Buxton for Business Retention and Expansion Services Whereas, the Business and Economic Development Committee has asked for a pro-active way to market and retain commercial and retail businesses, particularly in the area of the Bangor Mall; and Whereas, the City of Bangor has a tax increment district in the Mall area to help with business development and infrastructure; and Whereas, Buxton is a company that provides marketing and research data to support business development and retention; and Whereas, City staff and the Business and Economic Development Committee has met with a representative from Buxton to review the marketing and data research offerings that could be made available to the city and other businesses in town and is confident that these offerings could support marketing and retail retention in the mall area. Be it Ordered by the City Council of the City of Bangor that, The City Manager is hereby authorized to execute a 3-year agreement with Buxton for retail recruitment and retention strategies. Said agreement shall be a fee of $50,000 per year and can be terminated upon notice of at least 60 days of the anniversary date of the agreement. The final form of the agreement will be approved by the City Solicitor. Be it further Ordered that funding for this agreement is to come from the Mall Area TIF. IN CITY COUNCIL OCTOBER 22, 2018 CO 18-400 MOTION MADE AND SECONDED FOR PASSAGE PASSED Ai 6? ,t1_ ,/,',J CITY' CLERK U