Troy Local Development Corporation

Chairman Board Members Kevin O’Bryan Hon. Monica Kurzejeski Vice‐Chair David Bissember Andy Ross Executive Director Steven Strichman Board of Directors Meeting Planning Department Conference Room City Hall 433 River Street, Suite 5001 Troy, New York 12180 February 16, 2018 8:30 a.m. AGENDA I. Approval of Minutes from January 19, 2018 board meeting. II. Enchanted City - Event Sponsorship III. Audit & Finance Committee IV. Executive Director Report V. Financials VI. Old Business VII. New Business VIII. Adjournment  Board of Directors Meeting Minutes January 19, 2018 8:30 a.m. BOARD MEMBERS PRESENT: Kevin O’Bryan, Steve Strichman and Hon. Monica Kurzejeski ABSENT: Andy Ross D ALSO IN ATTENDANCE: Justin Miller, Jim Lozano, Mary Ellen Flores, Cheryl Kennedy, Deanna DalPos and Denee Zeigler Minutes R The Chairman called the meeting to order at 8:30 a.m. I. Minutes T AF The board reviewed the minutes from the December 15, 2017 board meeting. Hon. Monica Kurzejeski made a motion to approve the December 15, 2017 board meeting minutes. Steve Strichman seconded the motion, motion carried. II. Fourth Street Parking lot Mr. Strichman spoke briefly about an upcoming project involving the fourth street parking lot and noted that the item will be discussed at a future meeting once the city council has a chance to review and approve. The board noted that this will be one of the projects that will utilize the fee sharing policy. Ms. DalPos asked for clarification on who is purchasing the land. Ms. Kurzejeski gave a general overview of the interested parties. III. Overview of Organization Resources Mr. Strichman distributed an informational packet to the board members outlining the funding abilities and limitations of each board. The board had a general discussion and suggested edits. Overall, the board members felt this document was helpful and should be available to the public to help clarify any confusion they may have. The chairman questioned sponsorships from the IDA. Mr. Miller advised that there should be a marketing component to the sponsorship. 1 IV. 3rd Annual Small Business Summit Economic Development Coordinator, Cheryl Kennedy, spoke to the board members about the metrics, keynote speakers and programming that was offered in 2016 and what is to come in 2017. She advised that they are looking to start the process of getting sponsorships now in order to get people lined up. Mrs. Kennedy advised that they are asking for sponsorship in the amount of $2,500 and to serve as administrative support for the event. Mr. Strichman noted reasons why we are setting it up as a pass through. The chairman noted that he would like to see a separate account set up in the future. (See attached Resolution #1 01/18) Monica Kurzejeski made a motion to approve sponsorship in the amount of $2,500 for the 3rd Annual Business Summit and to act as administrative support for the event. Steven Strichman seconded the motion, motion carried. V. The Great Race Mrs. Kennedy presented a sponsorship request of $2,500 for The Great Race, an event that is expected to draw in about 5-10,000 visitors to Troy. She advised that it is an extremely popular event that about a quarter of a million people attend each year. It is also telecasted on the Velocity channel and will receive a lot of press. D Mrs. Kennedy advised that our economic value as a host city stop is anywhere between $600,000 between $1 Million. The board asked if the LDC is going to be a pass through for this event also. Mrs. Kennedy advised yes and it should not be R more than $20,000 of funds passing through. (See attached Resolution #2 01/18) Monica Kurzejeski made a motion to approve sponsorship in the amount of $2,500 for The Great Race and to act as administrative support for the T event. Steven Strichman seconded the motion, motion carried. AF VI. The Enchanted City Mr. Strichman spoke about funding for The Enchanted City event and added this will be the third year we have supported this event. The board asked if there were any other details about the sponsorship opportunities for 2018. Mr. Strichman advised that he will get the details from the applicant and have it for the next meeting. The board agreed to table the request until February. VII. Executive Director report - Audit – Mr. Strichman advised that the audit is currently underway. Hudson River Product Recycling - Mr. Strichman advised that we have not received rent since August 2017; which totals about $18,000. Mrs. Kurzejeski asked for clarification; noting that they were supposed to be off of the property at the end of June. Mrs. Flores advised that they did pay $3,000 and owe $15,000 in back rent. The board members had a general discussion on the tenant’s history since being evicted from the site. Mr. Strichman noted that he was making progress cleaning the site after being evicted, but it slowed in August. Mr. Miller advised that the debris left on the site and could interfere with the next steps at that site. The chairman advised that we need resolve this issue before any work starts up at this site. National Grid – Mr. Strichman advised that we have been in preliminary discussions with National Grid about a short term lease while they work on moving the pipeline at this site. He advised we will have more information on this in the near future. 2  BSM Banquets, Inc. – Mr. Strichman gave an update to the board about the $150,000 loan made in October 2016. He advised that we do have second position on the property and personal guarantees on all parties involved. VIII. Financials Ms. Flores advised that there is $3.8 Million in assets with $500,000 in cash versus $1.3 in liability and $2.5 in equity. She advised that there are no significant changes on the balance sheet. Mrs. Kurzejeski asked if we still own 2265 Fifth Street. Mr. Strichman advised yes, but the details have not been worked out so the property has not been sold. The chairman advised we should work to move that sale forward. Ms. Flores discussed the profit & loss sheet and advised that there is a profit of $48,000; that amount is directly related to the administrative fee received from the IDA for 444 River Street. Delinquency Report - The chairman asked about the delinquent loans. Mr. Strichman advised that Rare Form was behind, but we received a check for $4,500 today which leaves only $1,500 outstanding. He advised that one of their loans is paid off in 2019 and the other is the following year in 2020. The chairman noted that the other delinquent loan, BSM Banquet, Inc., is now current. D The chairman spoke about the $65,000 loan loss reserve we currently have set up. He noted that we have two loans, The Balance Loft and Infinity Café; that are older loans that are tied up in bankruptcy and judgements that could be taken off of our R books. The board had a general discussion about increasing the loan loss or leaving it where it is. The board agreed to leave the loan loss reserve at $65,000 in the event that Rare Form and/or BSM Banquets, Inc. default. T Mrs. Kurzejeski spoke about the successes of loan recipients such as Ekologic, Troy Kitchen, Clark House, etc. and advised how they can be used to promote the board AF going forward. Mr. Miller advised their individual stories would be make great additions to the LDC webpage. Hon. Monica Kurzejeski made a motion to approve the financials as presented. Steven Strichman seconded the motion, motion carried. IX. Adjournment With no additional business to discuss, the meeting was adjourned at 9:10 a.m. Steven Strichman made a motion to adjourn the meeting. Hon. Monica Kurzejeski seconded the motion, motion carried. 3  AUTHORIZING RESOLUTION (Troy Small Business Summit Sponsorship and Administration) A regular meeting of the Troy Local Development Corporation was convened on January 19, 2018 at 8:30 a.m. The following resolution was duly offered and seconded, to wit: Resolution No. #1 01/18 RESOLUTION OF THE TROY LOCAL DEVELOPMENT CORPORATION AUTHORIZING (i) THE PROVISION OF A $2,500 CONTRIBUTION TO THE TROY SMALL BUSINESS SUMMIT (THE “EVENT”); AND (ii) THE PROVISION OF ADMINISTRATIVE SUPPORT FOR THE EVENT. WHEREAS, The Troy Local Development Corporation (the “Corporation”) is a duly- established, not-for-profit local development corporation of the State pursuant to Section 1411(h) D of the Not-for-Profit Corporation Law (“N-PCL”) and a Certificate of Reincorporation filed on April 5, 2010 (the “Certificate”) established for the charitable and public purposes of relieving and reducing unemployment, promoting and providing for additional and maximum employment, bettering and maintaining job opportunities, instructing or training individuals to R improve or develop their capabilities for such jobs, by encouraging the development of, or retention of, an industry in the community or area, and lessening the burdens of government and acting in the public interest; and T WHEREAS, the City of Troy, by and through the Office of Planning and Economic AF Development, will conduct its third annual Troy Small Business Summit (the “Event”) to support the small business ecosystem in Troy with inspirational and educational content, with the ultimate goal to build support for a more healthy, cohesive and educated business community; and WHEREAS, the Event delivers a day of educational content, including a keynote presentation from a prominent regional or national speaker, several breakout sessions and workshops, group and informational presentations, and a discussion panel; and WHEREAS, in furtherance of the Event, the City is requesting a contribution of $2,500 from the Corporation (the “Grant”), along with the provision of administrative support in the form of Event funding collection from third party donors and the disbursement of funds for Event expenses in an amount estimated not to exceed $20,000.00, inclusive of the Grant (the “Administrative Support”); and WHEREAS, the Corporation desires to authorize the issuance of the Grant, and approve the undertaking of the Administrative Support for the Event. NOW, THEREFORE, BE IT RESOLVED BY THE DIRECTORS OF THE TROY LOCAL DEVELOPMENT CORPORATION AS FOLLOWS:  Section 1. The Corporation hereby authorizes the provision of the Grant and Administrative Support as outlined herein. The Chairman, Vice Chairman and/or the Chief Executive Officer of the Corporation are hereby authorized, on behalf of the Corporation, to execute and deliver any agreements relating to the Administrative Support as deemed necessary to undertake the Event. Section 2. The officers, employees and agents of the Corporation are hereby authorized and directed for and in the name and on behalf of the Corporation to do all acts and things required and to execute and deliver all such checks, certificates, instruments and documents, to pay all such fees, charges and expenses and to do all such further acts and things as may be necessary or, in the opinion of the officer, employee or agent acting, desirable and proper to effect the purposes of the foregoing resolutions and to cause compliance by the Corporation with all of the terms, covenants and provisions of the documents executed for and on behalf of the Corporation. Section 3. These Resolutions shall take effect immediately. D The question of the adoption of the foregoing Resolution was duly put to a vote on roll call, which resulted as follows: Kevin O’Bryan R [ Yea X ] [ Nea ] Absent [ ] Abstain [ ] Andrew Ross Monica Kurzejeski [ X T[ ] ] [ [ ] ] [ X ] [ ] [ [ ] ] AF Steven Strichman [ X ] [ ] [ ] [ ] The Resolution was thereupon duly adopted. 2  T AF R D  T AF R D  T AF R D  T AF R D The Enchanted City Sponsorship Report PRESENTING SPONSOR TROY LDC 2015, 2016, 2017 Susan Dunkel | Producer | January 20th 2018 Index Page 2 – The Enchanted City Mission and Goals Page 3 – Sponsorship levels for 2015, 2016, 2017 Page 4 – Links to Press, Radio and Television @ Troy LDC credit as presenting sponsor for The Enchanted City Page 6 – Collateral material, social media credit given to the LDC Page 8 - Budget breakdown (by year) to show return on investment for the Troy LDC Page 10 – Sample testimonials from city wide business partners, regional partners, city council members and neighbors. 10. Marla Ortega, owner and operator of the Illium Café. 11. Adirondack Studios, 45-million-dollar company from Argyle N.Y. 12. Suzanne Spelling, Troy historian and community activist. 13. TJ Kennedy, city council rep from district 6. Page 14 – City wide impact report and future projections. Page 16 – In conclusion PAGE 1  THE ENCHANTED CITY MISSION AND GOALS MISSION: To transform The Enchanted City into a creative event of signature spectacle through the focused expansion of the existing brand, as well as the cultivation and incorporation of the local neighborhoods, small business community, and organizations. With these partners and a renewed commitment to our mission, we will lead an effort to reimagine this event into a bold display of pure imagination that will not only exist in the streets of our historic district during the day, but will light up the city at night. To do this, we have pin pointed three distinct areas of the event; 1. community cultivation, 2. opening parade, and 3. the evening event that we will need to focus our efforts. We believe that should our vision become realized we could attract upwards of 30,000 people, as well as rebrand Troy as THE creative artistic epicenter of New York State. Goals: 1. Greaten and strengthen our community outreach and involvement. We plan to organize the 'Inventor's Challenge' as a 501c3 in the coming months. As a not for profit we can expand this brand and its challenges into other STEAM related fields and broaden our single challenge into diverse challenges to reach more raw talent. Being a non-for profit also allows us the ability to raise the significant funds that will be needed to follow this vision to its greatest potential. a. Neighborhood Community Challenges with goals and rewards. Each city council member will organize a group of representatives from their home district to come up with a conveyance, cheer, dance, or display of community spirit. These groups will march in the Parade of Inventor's and be rewarded for their efforts with a neighborhood grant. b. Local Business Challenges with goals and rewards. Each local business within the festival ground will be invited create a fairy door with their business being the inspiration. Festival goers will be asked to visit these shops to view the doors and vote for their favorite. The doors could be photographed and used in promotional materials. 'The Fairy Doors of Troy'. A 'People's Choice' would be awarded. c. Organization Challenges with goals and rewards. An example might be for each organization (i.e. schools, non-for profits, corporations) might be that they are challenged to execute a mobile creation that reflects their interpretation of the Fairy Tale of Troy. These groups will march in the Parade of Inventor's and be rewarded for their efforts with the title of 'The 2018 Trojan Spirit of Innovation Award'. PAGE 2 THE ENCHANTED CITY PAGE 3 PAGE 4 PRESS LINKS TROY LDC Enchanted City celebrates creativity in Troy 2017 Dunkel also expressed her thanks to the city of Troy for supporting the festival. The Troy Local Development Corporation awarded a $10,000 grant to be the festival’s presenting sponsor. “I’m continually awed by the fact that the city is so willing to invest in events like this,” Dunkel said. “It’s definitely a little outside of the box, and I’m so grateful.” WAMC falling-place-enchanted-city Joe Donahue 2017 This morning we talk about The Enchanted City – the Steampunk Tale of Troy, NY. Susan Dunkel, the producer of The Enchanted City' and Cheryl Kennedy, the economic developer for the city of Troy and rep from the Troy LDC. Sanctuary for Independent Media Interview -9-13-17 Troy’s Annual Steampunk Festival returns September 16, 2017 KEY SPONSOR The Troy Local Development Corporation (LDC) is listed as the festival’s “Presenting Sponsor.” Hudson River Valley Ramble 2017 Sponsoring Organization Troy LDC Enchanted City could be biggest festival yet 2016 The Enchanted City’s presenting sponsor, The Troy Local Development Corporation (LDC awarded a $10,000 grant to the event this year, a testament to its role in the city. Steampunk festival offers free tours, performances 2016 “Troy, as a location, has become the nexus of the creative class and the creative economy,” said Bill Dunne, Troy’s Commissioner of Planning and Economic Development and Executive Director of the Troy LDC. “This event is that mix between art and technology which is our brand. The Troy Local Development Corporation (LDC) has awarded a $10,000 grant to be listed as the festival’s “Presenting Inventor Sponsor.” The Saratogian 2016 The Enchanted City’s presenting sponsor, The Troy Local Development Corporation (LDC awarded a $10,000 grant to the event this year, a testament to its role in the city. WAMC The Enchanted City, 2016 Spotlight News Enchanted City Returns Troy Fun Family Event 2016 With its grant of $10,000, the Troy LDC will be listed as the “Presenting Inventor Sponsor” on all Enchanted City materials. The grant will help pay for a long list of technicians, entertainers, educators and festival support staff. Spectrum Local News 8 thousand enjoy enchanted city steampunk festival in troy 2016 PAGE 4 Eight Thousand attend 4th annual event in Troy Troy backs upcoming festival celebrating history, heritage 2015 “Troy, as a location, has become the nexus of the creative class and the creative economy,” said Bill Dunne, Troy’s commissioner of planning and economic development and executive director of the Troy LDC, in a press release. “This event is that mix between art and technology, which is our brand.” The $10,000 grant was approved at the July 10 LDC meeting, making the Troy LDC the “Presenting Inventor Sponsor” of the Enchanted City festival. The grant will help pay for a long list of technicians, entertainers, educators and festival support staff. PAGE 5 PAGE 6 COLLATERAL MATERIAL, SOCIAL MEDIA CREDIT TROY LDC Facebook: Facebook, Facebook, Facebook Collection, Troy Mini Maker Faire Facebook, Twitter: Twitter City of Troy Line Up, Twitter Spectrum News, Twitter Thank you sponsors, Hudson Valley 360 Tweet, WAMC Tweet, Budget Tweet The Troy LDC Presents.... The Enchanted City Collateral Material: PAGE 6 PAGE 7 Page 8 BUDGET BREAKDOWN – RETURN ON INVESTMENT (please see attached yearly budget reconciliation forms for more detail if needed) 2015 Reconciliation EXPENSES Operations: $10,110 Entertainment: $7,900 Total Expenses: $19,700 INCOME Vendor Fees: $560 Sponsorship: $19,700 Total Raised: $20,260 *Amount reinvested in Local Business in form of payment for services rendered: $15,350 *Total attended: 4,000 @ $5.06 a head ** Troy LDC investment per head: $2.50 * 4,000 X $25 per attendant spent in downtown= $100,000 2016 Reconciliation EXPENSES Operations: $7,910 Troy Mini Maker Faire: $5,040 Entertainment: $5,200 Total Expenses: $18,150 PAGE 8 INCOME Vendor Fees: $560 Sponsorship: $18,750 Total Raised: $19,310 *Amount reinvested in Local Business in form of payment for services rendered: $8,000 *Total attended: 8,000 @ $2.41 a head **Troy LDC investment per head: $1.25 per head * 8,000 X $25 per attendant spent in downtown= $200,000 2017 Reconciliation EXPENSES Operations: $6,250 Troy Mini Maker Faire: $7,000 Entertainment: $6,150 Total Expenses: $19,400 INCOME Vendor Fees: $560 Sponsorship: $18,250 Total Raised: $18,810 *Amount reinvested in Local Business in form of payment for services rendered: $9,750 *Total attended: 10,000 @ $1.88 a head **Troy LDC investment per head: $1.00 per head * 10,000 X $25 per attendant spent in downtown= $250,000 PAGE 9 January 19, 2018 To Whom it may concern, My name is Marla Ortega and I have owned and operated the Illium Café for eight years. We are located at Washington Square in the Cannon Building. In that time, I have had a prime location to experience and observe the hundreds of festivals and events that have taken place in downtown Troy. Of all those festivals, The Enchanted City is our favorite. We make the most money from it, and we love its mission. The Enchanted City is the only festival that has Troy Only food vendors. In a city that has over 50 places that serve food, to bring in outside vendors to compete against us to make money off their vendor fees, cuts into our profit margins. The Enchanted City does not do this. It also helps that the Enchanted City has a food competition that we have won three of the four years. This competition brings in food bloggers and local food critics who write about their experience in Troy. This brings in their readers to patronize our business. It is a total win. My only concern is that The Enchanted City needs to be in downtown again. Last year they were in the park, and we had to set up a vending tent. We still sold out in that location, but would love to have it right outside our brick and mortar again. If you have any questions, or would like to hear more about how much we love The Enchanted City, please feel free to email me or stop in during a slow time and I will make myself available. Thank you, Marla Ortega, CEC Executive Chef Owner Illium Café 9 Broadway Troy NY 12180 theilliumcafe@gmail.com PAGE 10 To Whom It May Concern: As the lead member of the Well Rounded Cubewrights, the Enchanted City has given us a one- of-a-kind opportunity to express creativity and present our unique creations in a fantastic setting. Our team has entered originally designed and custom-built vehicles in the Inventor's Challenge for the last three years running. Our participation in the contest has garnered the interest and support from the company where we all work, Adirondack Studios. Through the support of the management and our coworkers, our team has grown from about a participant to more than two dozen! The first year of the Challenge, and this past year, our team won first prize. From that money, we used a small portion for a modest celebration shared with the company where we work, and the rest we donated to charity. We all enjoy the spirit of the festival; its greatest reward is the chance to bring our best ingenuity to bear on the cornerstone event and share in the day with the wonderful community that makes up the Enchanted City! Our company has also gone from providing a budget of $3,000 the first year to almost $20,000 this past year and investing hundreds of company hours in support of the effort. All of us are excited to again participate in the 2018 Enchanted City Festival! Each year is a chance to go bigger and play harder and show the world how much fun our event is! It's also a great way to bring a myriad of interests from design to fabrication to performance all to life. Best of all, the community is alive and invested in this event: whether people come to watch, dress up or compete, they are there with open eyes and open hearts, ready to let the day carry them someplace new. We ourselves have been invited as close as Rochester for the Maker Faire, or the Steampunk World's Fair in NJ, all the way out to a Steampunk festival in Arizona! What we do is exciting and demonstrates that the world still has a place for imagination in math and science, as well as breathing, beating life in art and performance. There's still places where the heart and the mind are free to play, no matter the age, disposition or appearance of the bearer. Each experience becomes as authentic as its witness is sincere. That's our Enchanted City! Regards, Matthew Trombley The Master Materializer, the Well Rounded Cubewrights Lead Creative Designer, Adirondack Studios PAGE 11 To whom it may concern, I am writing to my sincere support and great appreciation for the enchanted City Festival that takes place in downtown Troy every year. This one-of-a-kind spectacle brings people from all over the world which show them and celebrate are cities culture. I have seen the eyes of children light up and the faces of families filled with joy as they explore the many activities at the Enchanted City Festival. With the industrial history a notch and entrepreneurial spirit woven within the urban fabric of the city of Troy, this festival is a perfect fit for the place it calls home. The enchanted City Festival celebrates the uniqueness and individuality, while inspiring and strengthening their personal connection to science and creativity. I am personally leading an effort as the former organizer of the discontinued Troy Flag Day Parade to encourage participants who built floats and marched in the Troy Flag Day Parade to carry on the tradition at the Enchanted City Festival. I am encouraging people to donate and support this great event and I hope you will to. Sincerely, T.J. Kennedy Troy City Councilman TJ.Kennedy@troyny.gov 518-429-0489 PAGE 12  Suzanne Spellen 817 River Street, Troy, NY 12180 suzannespellen26@gmail.com 518.326.8447 (H) 917.748.4664 (c) January 22, 2018 To Whom It May Concern, I have been a vendor at the Enchanted City Fairs for the last three years. My business partner, Debora Jackson and I have shared a booth twice, and each had own booth this last year. We love Enchanted City. I design and sew a line of home and personal accessories, such as pillows, hats, bags and scarves. My friend Debora is a mixed media artist, using reclaimed objects, watch parts and wire to make her sculptural figures and jewelry. She was making steampunk art before there was a name for it. We both live and work in Troy, NY, so having this fun event in our city is not only convenient, but we feel essential in helping to make Troy a city that people come to for interesting and different kinds of public events. Troy has seen a remarkable renaissance in the last few years. New restaurants, shops and other businesses have made it THE place to visit in the Capital District. The Enchanted City Faire has become larger and more popular each year that it is given. Those who visited our booths no longer ask, “What is this?” but are well-versed in Steampunk Lore and costume, and eagerly await the Faire. It’s a chance to leave the everyday world and become a part of something wondrous strange. Troy’s lovely 19th century streets are perfect for this new world for a day. With more attendees, comes more business. We have seen our business grow each year we have participated. With more opportunities to spread the word about the Faire through more sophisticated and far-reaching advertising, especially well ahead of time, it would be possible for the Faire to grow, and our businesses, as well. We are looking forward to the 2018 Enchanted City Faire, as vendors, but also as participants in a fun fantasy world. Few people thought Steampunk would expand past a few strange science and Cosplay groups, but it has attracted thousands of fans. There are no other events like this in the Capital Region. We hope that increased sponsorship will enable this year’s gathering to be the largest and best yet. Thank you for your attention. Suzanne Spellen – Co-owner Silver Nest Home, dba Blatherscat Designs and Jenny Sparrow Works PAGE 13  CITY WIDE IMPACT REPORT and FUTURE PROJECTIONS The charts below are based on attendant numbers given to us from sources at the Troy Record, Spectrum News, and WMHT. These numbers are approximate and are not in dispute. Our assessment of $25 dollars spent per head is in dispute. Since there is no true scientific method to get a true number, I have based this number on what my family spends per person on average at a festival. However, there are many who feel that that number is far higher. As high as $75 per visitor on average when hotel and multiple meals are factored in. I have elected to forecast based on the very conservative number of $25. As tempting as it is to inflate, I think it is more important to be correct. Attendant Growth Troy LDC Investment 12 $300,000 10 $250,000 8 $200,000 6 $150,000 4 $100,000 2 $50,000 0 $0 2014 2015 2016 2017 2014 2015 2016 2017 Attendants City Profit per Head Troy LDC Sponsorship Based on the charts from 2014, 2015, 2016, and 2017 we can project the growth we will see in 2018. Attendant with 2018 Investment with 2018 14000 $400,000 12000 $350,000 10000 $300,000 $250,000 8000 $200,000 6000 $150,000 4000 $100,000 2000 $50,000 0 $0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Attendants City Profit per Head Troy LDC Sponsorship PAGE 14 The Enchanted City is ranked #1 event in Troy on Face Book The Enchanted City is ranked #1 event in Troy on YELP These reviews are paramount when ‘out of towners’ are planning to travel to attend an event. “Epinions” are now pervasive on the web and have become a major factor in consumer decision-making. We rely on non-professional reviews to decide where to dine (Yelp), what household goods to buy (Amazon), what to read (Goodreads), what hotels to stay at (TripAdvisor), what specials are available (Facebook). User reviews have contributed to people making better informed decisions about how to spend their time and money. They have also increased incentives for everyone from restaurant owners to TV makers to improve the quality of their products and services. PAGE 15  IN CONCLUSION The Enchanted City is the only large, independent, free and open to the public festival in downtown Troy. We depend completely on the generosity of our sponsors to keep our festival free and open to all in the public. We believe that over the last four years we have rewarded our sponsors investment in us by bringing in over 23,000 festival goers; $725,000 spent in downtown, attracting multimillion dollar TEC businesses to the area like Adirondack Studios and Well Rounded Cubewrights. We have attracted TEC centered learning organizations like Maker Faire out of San Francisco, MiSci, CMOST, Global Foundries, and FisherCo. We have helped to sell out hotels in downtown like the Best Western in Franklin Square and the Hilton Garden Inns during the weekends of our events. We have had press cover our event from as far away as San Francisco and the UK. We have shown that our festival goers are from a broad range of ages and mostly a minority status. We are ranked the #1 festival in Troy on both Face Book and Yelp. We recognize to continue along the growth tract we have laid out, we must become more self-sustainable. We are committed to becoming a 501c3 in 2018 which would allow us access to some monetary revenue streams that are available to group like the RCCC and the Troy BID. As a not for profit, we can collect sponsorship funds and make them tax deductible. We also have plans to broaden our TEC centered learning platform by bringing our projects into local schools. This will allow us to apply for larger STEAM centered learning grants that are available. It will allow us to apply for NYS Arts grants. 2018 will be a hugely important year for The Enchanted City. I don’t think it is overly dramatic to call it a make or break year. We believe our mission, goals, and deliverables are invaluable, and we need the Troy LDC’s continued support for this year’s event more then ever. I would be more than willing to address the board of the LDC with several of my partners in order to answer any questions or clarify and concerns you may have. Susan M. Dunckel Producer of The Enchanted City PAGE 16