Agenda Item Title:
Authorize Staff to Collaborate with Visit Rapid City and The Monument to Hire Oxford Economics / Tourism Economics for up to $12,000 for the City’s Share To Conduct an Economic Impact Study to Determine the Economic Impact of The Monument on the Regional Economy
Origination Group:
Legal & Finance Committee
Origination Meeting Date:
08/31/2022
City Council Hearing Date:
09/06/2022
Staff Contact:
Craig Baltzer, The Monument Executive Director
Agenda Item Summary:
Nearly all event centers the size and capacity of The Monument conduct regular economic impact studies showing the facility’s impact on the regional economy. The Monument last had such a study in approximately 2012. Now is a great time to conduct another economic impact study since the new arena is open. Visit Rapid City approached the City and The Monument about all three entities working together to have a study conducted by Oxford Economics / Tourism Economics; the cost would be approximately $35,000 total split evenly among the three entities. The City’s responsibility would be approximately $12,000.
Funding Source & Fiscal Impact (if applicable):
| Funding | Cost Center |
|---|---|
Recommendations:
Origination Recommendation Action:
Approve