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Research Inc. October 17, 2001 Mr. Joel Hanson City Administrator City of Little Canada Dear Mr. Hanson: RECT.:1\1E0 . ■ Thank you for contacting Maxfield Research Inc. regarding your need for research and consult- ing services to examine the potential independent senior housing in Little Canada, Minnesota. It is our understanding that the proposed development would be located at the intersection of Lit- tle Canada Road and Rice Street and would likely contain retail space on the street level. At this time it is uncertain whether the development would be completely market rate or if a portion of the units would be geared towards seniors with modest incomes and have income restrictions This proposal outlines a work program that will initially assess the overall potential demand for both market rate and affordable (with income restrictions) senior housing in Little Canada by means of a "preliminary demand estimate analysis." If this preliminary analysis reveals potential excess demand exists for additional senior housing, we could conduct a more in -depth market feasibility study that would refine an appropriate development concept and would be suitable for lender review. The Preliminary Demand Assessment will define the primary draw (or "market" area) for a senior housing development located in Little Canada. Next, we will examine senior household incomes, home ownership rates and housing values within this market area in order to estimate the size of the local age /income - qualified market base for both affordable and market rate hous- ing within the market area as well as the demand potential from seniors currently residing out- side the market area. Finally, we will identify any existing or planned housing developments that would likely be competitive with your project. This research will provide an estimate of the potential number of independent senior housing units that could be supported at the proposed site in Little Canada. Market Feasibility Study. A full market feasibility study would do the following: • Evaluate the site to assess its appropriateness for senior housing; PAGE 2 7 9