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<br />. <br /> <br />EHLERS <br /> <br />LEADERS IN PUBLIC FINANCE <br /> <br />o <br />:E <br />w <br />:E <br /> <br />To: <br /> <br />Michelle Wolfe - City Administrator <br />City Council <br /> <br />From: <br /> <br />Stacie K vilvang - Ehlers & Associates <br /> <br />Subject: Housing Market Study <br /> <br />Date: <br /> <br />October 15, 2007 <br /> <br />In August the City Council directed staff to seek proposals from firms to assist the City in potentially <br />completing a market study for the proposed residential and commercial development in TCAAP. <br />Staff received proposals from the following three (3) firms: <br /> <br />I. GV A Marquette Advisors - Complete residential, office, retail and hotel analysis <br />2. Maxfield Research - Complete residential, office and retail analysis; and <br />3. McComb Group - Complete office and retail analysis only <br /> <br />The City Council appointed a sub-committee of the Mayor and one Council Member to review the <br />proposals, determine if both a housing and commercial study should be completed and to recommend <br />which firm to contract with to complete the work. <br /> <br />On September 14, 2007, the subcommittee received copies of the proposals and a chart summarizing <br />them for comparison purposes. On October I, 2007 the Council subgroup and staff discussed the <br />proposals and determined to only move forward with a market study for the housing portion of <br />TCAAP at this time based upon: <br /> <br />1. Ryan is a commercial developer and the City can request to review their internal or external <br />market study to determine if they agree with the conclusions, rather than expending City funds at <br />this time to duplicate something that may not be necessary; and <br /> <br />2. Since Ryan will not be developing the housing portion of the site, the City needs to have an <br />independent study completed to assess the potential housing market for the site <br /> <br />On October 3, 2007, the subcommittee and staff interviewed Maxfield Research and GV A Marquette <br />Advisors. Based upon the interviews, the subcommittee is recommending moving forward with <br />Maxfield Research. <br /> <br />Please contact me at 651-697-8506 with any questions. <br /> <br />cc: File <br />