Colorado City Seeks Economic Development Assistance
The City of Fort Morgan, Colorado has issued an RFP for an agency interested in:
- Developing an economic development recruitment strategy centered on an initial market analytics report that maximizes the retail potential for the City of Fort Morgan,
- A platform for developing customized reports and marketing materials
The chosen firm will conduct an assessment of the City’s market trade area and profile the customer characteristics, as well as the market’s climate.
The market analytics report/assessment for the City of Fort Morgan’s market trade area is expected to consider the following:
- Economic condition
- Unemployment, wages, area income
- Number of firms by industry and size
- Processes, capacity, and reputation of existing services
- Population characteristics
- Population size and growth projections
- Distributions by age, sex, race, income, and education levels
- By geographical sub-areas
- Labor force characteristics
- Occupations, wage rates, skill level
- Location (local or commuters)
- Physical conditions
- Land values and cost
- Condition of buildings: age, size, access, availability
- Identification, assessment, and catalog of property sites in the City with retail potential.
- Vacancy rates and absorption
- Building and construction activity
- Access and cost of capital
- Transportation access: airports, rail, highways
- Business climate
- Inventory of existing retail firms and retail sales
- Business taxes and regulations
- Business services
- Inventory of knowledge based resources
- Industry incubators, colleges, technical training schools, etc.
- Quality of life characteristics
- Housing availability, conditions
- Cost of living, average price of homes
- Quality of public education system
- Crime rate
- Personal taxes
- Target industry analysis, market viability, and identification of recommended retailers
- Retail leakage/surplus analysis (Access to visitor data from credit card transactions)
- Trade Area analysis with drive-time delineation
- Competition and cannibalization reports
- Retail trends and development in similar cities
- Fiscal impact analysis
Partnership: Maintain a national market presence and useful knowledge of the retail industry while providing ongoing insight into key industry topics via e-newsletter, webcasts, and other interactive tools. Maintain active contact with the Economic Development and Marketing department for approval and discussion of contacting retailers and on-going prospects.
Access: Access to deal making space to optimize marketing efforts at the International Council of Shopping Centers (ICSC) annual meeting in Las Vegas, NV as well as regional trade shows.
Data and Platform: Provide access to data on consumer information (e.g., geographic and demographic variables) and an online platform that allows for mapping and aerial imagery (e.g., vehicle counts, drive-time areas, etc.) with ease of use for marketing and development objectives.
Education: Provide education to elected officials and businesses on the benefit of analytic data and recruitment of additional retail establishments, including option for quarterly/bi- annual reports to City Council. Provide recommendations on addressing challenges for local economic development (e.g., rural geography and lack of property inventory).
Proposal due by September 30th to:
Attn. Josh Miller
City of Fort Morgan
PO Box 100
Fort Morgan, Colorado 80701