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Mr. Joel Hanson, City Administrator October 17, 2001 City of Little Cananda Page 2 • Provide a complete demographic analysis of the senior household base, as well as provide an assessment of overall growth, because younger households are a potential market for seniors' homes and are a primary referral source for their elderly parents. • Examine existing competitive senior housing projects in and near in the community with in- formation on rents, unit mix, vacancies, resident profile, services offered, features and ameni- ties; and • Inventory any pending or proposed senior developments. • Provide conclusions and recommendations, which will evaluate the demand for senior hous- ing in the study area and the proportion of that demand that could be captured by the project. We will also offer suggestions regarding appropriate rent levels, unit mix and features, build- ing amenities and the level and type of services that should be provided. • Project the number of units that would be preleased and the absorption period that the project would require to reach stabilized occupancy. Fees. We will complete the Preliminary Demand Assessment for $2,800.00, including all out - of- pocket expenses. An initial payment in the amount of $1,000.00 will be required prior to be- ginning our work. Work completed for the preliminary demand estimates analysis will be incorporated into the full market feasibility study. The cost of the estimate will be applied to the full feasibility study if contracted within 120 days of our completion of the demand estimate. The cost to upgrade the Prelimary Demand Assessment to a full Market Feasibility Study is $5,000.00, including all incidental expenses such as postage, printing, long distance telephone, etc, which we bill at our direct out -of- pocket costs. Please review the enclosed proposal. If it meets with your approval, please date and sign one copy and return it to our offices along with the initial payment. Typically we need 15 days to complete the preliminary demand analysis however, based on our telephone we could accommo- date your need for a November 1, 2001 report, if we were to receive confirmation to proceed by October 22, 2001. If you have any questions please do not hesitate to give me a call. Sincerely, MAXFIELD RESEARCH INC. Rick A. Fenske Vice President - Director of Senior Housing Attachments PAGE 3