ROY -- The city's Redevelopment Agency has agreed to spend $28,400 to an outside firm for a "leakage study" on how much money is being spent by residents to businesses outside Roy.
The study will show what commodities people are buying in Roy and what is "leaking out" to other entities.
The city manager and other council members, who make up the redevelopment agency, attended a retail conference in Las Vegas earlier this year where the study was suggested for the city.
The study will be very specific and show things like how much grocery money that could be spent in the city is leaking out to other cities. Much of the information will be garnered from the 2010 U.S. Census.
The city has been working for quite some time to buoy its retail areas and the study will help the city know what kind of business it needs to attract, City Manager Chris Davis said.
The city awarded the contract for the study to Lewis, Young and Burningham. The research firm has done other studies for the city before. According to the bid, the study will be complete in September so the city can start utilizing the results right away.
RDA member Dave Tafoya said the study will also show how long business will last in the city.
The city will be able to use the study not only to know what kind of businesses to court, but to also show the business of their need to be in Roy.
RDA member John Cordova said this idea was new to him, but he thinks it is a good one. He was also pleased at the low price for the study.
"I think it will be the best money we've spent in a long time," Mayor Joe Ritchie said.
RDA member Willard Cragun said he is glad to see that they will have some tools to get a return on the investment in the near future.
"We have spent money with our RDA on business and those businesses have gone bye-bye," he said. "This will be money well-spent because we will know right where we need to be."