TITLE
The Mayor and City Council shall discuss and possibly take action on approving a three year contract with Buxton Company to provide retail attraction data and psychographic profiles and resources in an amount not to exceed $50,000 per year. $35,000 will be funded from General Fund, Economic Development, Technical (53340) and $15,000 will be funded from General Fund, Economic Development, Advertising (55540). Discussion and Action.
AGENDA ITEM DESCRIPTION
The 2017 Economic Development Strategic Plan, adopted in January 2018, identified the need to contract with a third party firm to provide additional data and identify retailers for which Maricopa can be competitive. The City is averaging 100 Single Family Residence permits a month and the estimated population grew to more than 50,000 in 2017. As the population continues to grow, additional retail goods and services are necessary to maintain and improve quality of life for residents and provide increased options for shopping local. As part of the City's economic development efforts, retail recruitment (is one of the six target sectors) is critical to growing the local economic, employment and service base for Maricopa. Our goal is to achieve an increased tax base and locate appropriate retail companies in new developments and redevelopment areas.
Buxton will conduct a retail assessment of Maricopa's trade area and profile customer buying habits. The results of the assessment will be used to guide Economic Development Department staff in retail recruitment efforts, focusing on those companies most likely to locate in Maricopa. Buxton will develop a trade area analysis focused on drive time to factor in time of day, traffic flows, and street/highway networks. The analysis will develop profiles of customers based on psycographic profile which will consider buying habits and lifestyles and provide a list of national credit tenant retailers that match Maricopa's profile. The City will also have access to Buxton's proprietary web based application, enabling Economic Development staff to create customized reports and marketing profiles on demand.
The City issued a Request for Proposals for a qualified firm to provide additional retail attraction resources and received three responses. After a comprehensive evaluation by members of the Economic Development and Finance Departments, it was determined Buxton Company provided the highest quality and range of services and was selected as the preferred vendor. Typically retail attraction firms are under contract for a period of three years to since siting a retailers is a lengthy process, the commitment also Buxton and the City to effectively market to locate retailers. Buxton was founded in 1994 and is an industry leader in customer analytics and retail attraction. Buxton previously contracted with the City in 2008 to provide similar services.
STAFF RECOMMENDATION
It is recommended the Mayor and City Council hear a presentation from Parker Key with Buxton Company on their process, resources dedicated to the City contract and deliverables to the City. Staff recommends the Mayor and Council to approve the three year agreement with Buxton Company in the amount of $50,000 per year for three years. $35,000 will be funded from General Fund, Economic Development, Technical (53340) and $15,000 will be funded from General Fund, Economic Development, Advertising (55540).