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Item Numbers: 6A Meeting Date: February 15, 2008 Type of Business: EDC City of Mounds View Staff Report To: Economic Development Commission From: Heidi Steinmetz, Economic Development Specialist Item Title/Subject: 2006 Retail Trade Analysis Presentation Background: The EDC has expressed concern over the vitality of Silver View Plaza for quite some time. Due to high vacancy rates, it seems as though either a retail use is no long viable for the site and/or the property is not being properly marketed or managed. Therefore staff authorized a Retail Trade Analysis to be completed by the University of Minnesota Extension office as a first step in trying to understand Mounds View's retail market and how it may relate to Silver View Plaza. Attached is information on what a Retail Trade • Analysis is and how it may help the City and the property owner. Discussion: Staff received both 2005 and 2006 versions of the analysis since we requested the analysis bordering the time when the 2006 sales tax data was about to be available. The 2007 sales tax data will not be available until later this year, so the 2006 analysis is the most up-to-date information possible. Staffs hope is that the attached 2006 analysis will assist the property owner's(Kraus- Anderson) tenant recruitment strategy. Staff provided the 2005 version of the analysis to the property owner in late 2007 in an attempt to encourage them to conduct an independent market study of the property. Staff also provided the property owner with three quotes from Economic Development research firms to conduct a market study. Kraus-Anderson has not committed to completing a study at this time. Bruce Schwartau of the University of Minnesota Extension office will present the 2006 analysis at the EDC meeting and provide details of how it can be used to assist the City and the property owner to make better use of the property.