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Village approves $50,000 annual economic development consulting agreement with Retail Strategies LLC
Summary
Addison trustees approved a one-year consulting agreement with Retail Strategies LLC for $50,000 to provide market analysis, retail recruitment and retention services, with annual renewal subject to 30-day notice.
The Village of Addison on Sept. 15 approved a resolution to hire Retail Strategies LLC as the village’s economic development consultant at an annual fee of $50,000, with the contract subject to annual renewal and terminable on 30 days’ notice. The committee recommended approval earlier in the evening and the full board adopted the resolution by roll call vote.
Village staff described the scope of services as real-time market analysis of the village’s retail areas, data analytics, access to a national retail network, real-estate assessments with the village real-estate team, and recruitment strategies for both business attraction and retention. Staff said the proposal and agreement were reviewed by village counsel and found acceptable.
Mike, a village staff member, told trustees the partnership aligns with the village strategic plan, which lists economic development as a priority and seeks vibrant shopping areas and diversified, high-quality commercial development. He said staff will review the contract annually and may discontinue services with 30 days’ notice.
Trustees had no substantive objections at committee; the board later adopted the resolution on a unanimous roll-call vote. The resolution does not create a multi-year obligation beyond the current year; staff indicated the village retains discretion to renew or discontinue the agreement at each renewal period.
No performance metrics, deliverable schedule, or termination penalties beyond the 30-day notice were provided in the meeting packet or described in the discussion.
