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<br /> <br />"eld <br />Rtffl~a'rcb.tnc; <br /> <br />August 20, 2007 <br /> <br />Ms. Michelle Wolfe <br />City Administrator <br />City of Arden Hills <br />1245 West Highway 96 <br />Arden Hills MN 55112 <br /> <br />CONTRACT FOR PROFESSIONAL SERVICES <br /> <br />Maxfield Research Inc. proposes to provide market research and consulting services to the City <br />of Arden Hills to complete a market analysis that would determine the depth of market demand <br />for various residential and commercial products to be developed on the TCAAP Site in Arden <br />Hil!s,Minnesota. <br /> <br />The analysis will test the proposed preliminary development program as submitted by Ryan <br />Companies. The program includes a variety of for-sale and rental housing along with commer- <br />cial retail and office space. Maxfield will determine an appropriate draw area or draw areas for <br />the proposed development components, gather and analyze information on growth trends and <br />demographic characteristics of the draw area populations, analyze competitive developments and <br />current market conditions along with pending projects to assess the potential for the properly to <br />absorb the proposed components. Maxfield will review the development program and will pro- <br />vide detailed recommendations for the housing (number ofunitsllots; unit mix and sizes; pric- <br />inglrents; housing features and amenities, etc.) and commercial (square footage, floorplate sizes, <br />features and amenities, tenant mix-retail) identified as being needed in the short-term. Addition- <br />al information will be provided regarding a long-term development strategy and timing of subse- <br />quent phases of the development. We will recommend products that may be developed simulta- <br />neously to optimize absorption. <br /> <br />METHODOLOGY <br /> <br />The hallmark of Maxfield Research Inc.'s approach to all projects includes the appropriate <br />blending of primary (field) research with secondary research. Primary research includes surveys <br />of existing housing properties, one-on-one interviews with major employers, developers, build- <br />ers, Realtors, city and government agency staff, and others familiar with housing issues and the <br />local housing market. Secondary research includes data obtained from reliable published sources <br />including the Census Bureau, Claritas, Inc. (a national demographics firm), and State demo- <br />graphic and labor force departments. <br /> <br />612-338-0012 (f""l612-904-7979 <br />615 First Avenue NE, Suite 400, Minneapolis, MN 55413 <br />www.maxfieldresearch.com <br />