| AREA: | SAVINGS: | DESCRIPTION OF BENEFIT: | TOTAL BENEFIT: |
| Retail/Commercial Development | $4,335,000 | Proposals were made by Staff to retail/commercial establishments for recruitment purposes. Without such support, each city would pay for consultant reports of around $60,000 each and would need 0.50 FTE to manage the retail recruitment process. | Total Benefit ($) - Number of Cities x (Consulting Cost + City Staff FTE x City Staff Cost)
- 51 x ($60,000 + .5 x $50,000)
- $4,335,000
|
| Advertising | 2,040,000 | Staff provides advertising services for all 51 members using "12 x" rates to get the best value. For the major magazines - Site Selection, Area Development, Business Facilities, Southern Business & Development and targeted market sectors publications, the average cost of an ad is $5000 with 2 ads provided per city per quarter | Total Benefit ($) - Number of cities x (cost per ad ($) x adds per year)
- 51 x ($5,000 x 8)
- $2,040,000
|
| Target Marketing Plans | 1,754,400 | Staff provides strategic economic development plans for the members at no additional charge versus each city paying an average cost of $20,000/plan and implementation costs of 12 work days for each member @ $1,200/work day. | Total Benefit ($) - Number of Cities x (Cost of Plan ($) + Number of work days x Cost per work day($))
- 51 x ($20,000 + 12 x $1,200)
- $1,754,400
|
| Business Recruitment | 1,275,000 | Staff used ESRI ArcGIS software to provide market analyses and up to 18 different reports for business recruitment process at no direct cost to members. | Total Benefit ($) - Number of cities x Avoided cost per analysis
- 51 x $25,000
- $1,275,000
|
| Economic Development Staff | 750,000 | Staff includes a person with applicable skills to manage economic development activities for the members. Otherwise, each city would need at least 0.50 FTE at $50,000 (30 cities x 0.50 FTE x $50,000 ) (NOTE: Monroe and High Point have ED staff) | Total Benefit ($) - Number of cities x (City FTE x City FTE Cost)
- 30 x (0.5 x $50,000)
- $750,000
|
| Client Leads | 306,000 | Staff pursues an average of over 250 inquiries/leads regarding new business opportunities in North Carolina each year. These come from trade shows, advertising, mission trips with Regional Partnerships, County EDCs and the Dept of Commerce. Targeted listing includes company names, addresses, CEOs/owner/email/phone. It is assumed that members would otherwise purchase 1 list per quarter at $1,500 each. | Total Benefit ($) - Number of cities x cost per quarterly listing ($) x 4
- 51 x $1,500 x 4
- $306,000
|
| Customized City Projects | 306,000 | Staff provides customized projects for members - i.e., website design, bill board design and collateral marketing (target sectors, demographics, pocket folders, etc). It is estimated that each city would need to spend $6,000/project to obtain such service from a third party. | Total Benefit ($) - Number of cities x (Cost per project ($))
- 51 x $6,000
- $306,000
|
| Marketing | 255,000 | Staff provides cities with specific designs/layouts for marketing collateral to attract new businesses at an average cost of $3,000 to $10,000 depending on the collateral piece. If a third party were hired to provide this service, it is estimated that each piece would cost $5,000 and it is assumed that each city would purchase one piece per year. | Total Benefit ($) - Number of cities x (Cost per project ($))
- 51 x $5,000
- $255,000
|
| Territorial Assistance | 153,000 | Staff provides legal assistance and guidance for the members regarding territorial and customer choice issues. It is estimated that the number of questions answered per year is the equivalent of one per member and that the cost of such assistance by outside counsel is $3,000 for each question. | Total Benefit ($) - Number of cities x (Cost per city ($))
- 51 x $3,000
- $153,000
|
| Smart Communities Matching Grants | 80,000 | Staff assisted with obtaining $4,000 matching grants for 20 cities. | Total Benefit ($) - Number of Grants x (matching Grant ($))
- 20 x $4,000
- $80,000
|
| Webinars | 61,200 | Staff provides webinars for the members on retail / commercial / industrial development including IECC / SEDC webinars. | Total Benefit ($) - Number of cities x 1 webinar per city x cost per project
- 51 x 1 x $300
- $61,200
|
| All America City(s) | 12,000 | Staff provides specific designs and layouts for an average of 3 booth exhibits/year. | Total Benefit ($) - Booth Development Cost ($) x Number of booth
- $4,000 x 3
- $12,000
|