NEW ULM — The Economic Development Authority approved funds to hire Retail Strategies as a consultant, Tuesday.

City Manager Chris Dalton said the consulting group conducts research into the retail space in a community and assists with attracting retail businesses to fill vacancies in town. The firm has over 20 retail real estate professionals to perform retail market analysis.

The contract is $40,000 a year. Retail Strategies recommends a three-year commitment, but the contract can be terminated at any time. The EDA intends to split the cost with the City, New Ulm Economic Development Corporation and the New Ulm Area Chamber of Commerce.

Dalton recommended the hire of Retail Strategies because the company has the connections in the industry to bring clients to New Ulm. He also recommended the EDA cover the entire contract if the other entities refused to fund the consulting group. The Chamber of Commerce has already approved a $5,000 payment. The City and NUEDC will be asked to cover $10,000, and the EDA will pay $15,000.

EDA member and City Councilor Les Schultz favored hiring the consulting firm.

“We get so many people asking what are we doing about the empty stores downtown,” Schultz said. “This is something we can do. The $40,000 a year is really not a lot if we can get a half dozen stores in the next couple years.”

Board member Daniel Braam made a motion to move forward with the contract and it was unanimously approved.

Representatives of Retail Strategies will visit New Ulm on Feb. 19 to speak to the public during an event at The Grand.

Housing Coordinator Heather Bregel said in the event of another government shutdown, Section 8 will receive funding for the months of March and April at a 99 percent proration. Public Housing would receive funding for March, April and May at 88 percent proration.