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Economic-development staff update council on Retail Strategies contract and downtown loan prospects
Summary
Economic-development staff updated the council on a contract with Retail Strategies for retail recruitment work, described use of gap analysis and demographics, and said the team will present materials at a February Red River show; staff also said a downtown loan for a prospective business could be finalized by mid-January.
Shannon Dehaun of Miami Area Economic Development Services briefed the council on a contract with Retail Strategies to develop a retail-recruitment strategy for Miami and Ottawa County and to prepare documents for the Red River show in San Antonio in February.
“Basically, what we’ve been doing over the last couple of weeks is getting a lot of the preliminary stuff out of the way, running a lot of demographic reports, updated gap analysis reports,” Shannon said, explaining that gap analysis helps potential investors determine whether a market can support a new store.
Shannon said the economic-development team is using gap analyses and demographic reports to target recruitments and to show prospective businesses local demand. He also said the department expects to finalize a downtown loan to provide down-payment assistance for a new business, with staff hopeful the loan will be completed by mid-January.
Shannon offered to share the updated demographic and gap-analysis reports with council and staff for further review. No formal council action was required on the presentation.
