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Paris Economic Development Corporation Business Plan - 2012 -2014 a t A P R I Additional Tools acrd Support As a key part of this plan, the Board is requested to approve two additional tools and an extension of Richard Seline's contract. Data Analysis Tools Richard Seline 6 -Month Contract Extension for Phase 2 Implementation L Research 360° Analyst (National) & EMSI Economic 1. Identify and Cultivate Phase 2 Funding Opportunities. Forecaster and Economic Impact (10 County Region). 2. Facilitate 2 Board and Civic Leadership Retreats. 2. Annual License Fee: $15,995. 3. Develop Sales Pitch, Marketing Materials and Briefing 3. We will redirect spending of $5,422 to support the cost of Package for Global Brand Company Meetings. this license: 4. Develop Design and Content Outlines for Launch of a. NE Texas Economic Alliance Membership ($3,000) ParisTexasUSA Website Portal. b. Sites On Texas License Tool ($1,622) 5. Convene and Launch Rural Innovation Strategy Meetings c. Synchronist Database Tool ($800) with UT Dallas, other Universities, State and Federal 4. Net Operating Cost Increase: 110,575 ($881 /month Departments and Agencies, Scientist and Researchers to annually; $7,930 in current FY) Form Rural Innovation Council. 4. 6. Identify, Facilitate, Plan and Organize Initial Best Project Components. Practice Conference Calls and Site Visits for Working — Identify every city in the nation that looks like Paris Teams and Key Civic Leaders. Term: December 2011 —May 2012 6. Develop and Recommend Policies, Programs, Support Fees: $60,000 plus Reasonable Expenses, capped at — Identify peer city retail and commercial footprints. $10,000. 5. On -Site Visits: Minimum of 4 trips to Texas during Phase 2. 13 Data Analysis Tools Uses for Paris EDC Richard Seline Deliverables: Phase 1 Research 360° Analyst (National) & 1. Form Project Advisory Teams of Community Leaders and FMSI Economic Forecaster and Economic Impact (10 Stakeholders. 1 Convene, Engage and Facilitate Group and One -on -One County Region) 1. Standardized reports for new marketing materials. Meetings. 2. Interface all data with existing website for real -time data. 3. Gather and Analyze Quantitative, Qualitative and 3. Most up -to -date, current demographic data in the market Anecdotal Data and Facts. place. 4. Conduct Benchmarking and Best Practices for Key 4. National data sets for peer and competitor analysis. Project Components. — Identify every city in the nation that looks like Paris 5. Assess our Competition. statistically and compare mix of business and industry. 6. Develop and Recommend Policies, Programs, Support — Identify peer city retail and commercial footprints. and Investments for Immediate, Near and Long -Term 5. Federal funding data for past 7 years based on peers & Actions. competitors. 7. Conduct On -Site Presentations of Findings and 6. Nationwide Dunn & Bradstreet data for: Recommendations During all Phases of the Process. - "Targeting prospects. 8. Access to and Advocacy on Our Behalf to National and — Existing business intelligence. State Network and Relationships. — Identifying supplier and customer networks. 9• Introduce Paris, Texas to National Audience of Thought 7. — Asset mapping. Employment, occupation and wage data (10 year history, Leaders. I0.1dentify and Open Doors to State, Federal and Private current year, 10 -year projection, including nationwide Funding Sources. l Udentify Specific Industry Targets and Prospects for Trade 8. quarterly employment and wage data. Input/output model for economic impact analysis and Missions, Relationship Building and Recruiting. cost/benefit. 12.Create a Framework for Community Buy -In and Support 1. New job wage impact on retail sales, resulting in sales for PEDC and Economic Development. 13.Produce Marketing Content Based on Our Assets. tax revenue gains. 2. Industry output and industry cluster analysis. Expenses Through November 2011: $75,000 plus Expenses. 13