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xfield <br />Research Inc. <br />October 17, 2001 <br />Mr. Joel Hanson <br />City Administrator <br />City of Little Canada <br />CONTRACT FOR PROFESSIONAL SERVICES <br />Maxfield Research Inc. ( "Maxfield ") proposes to provide research and consulting services to <br />Schuett Real Estate Group, Inc. (the "Client ") to assess the potential demand for independent <br />senior housing located in Little Canada, Minnesota. <br />This proposal outlines a preliminary demand estimate analysis. If this initial analysis determines <br />sufficient demand for senior housing, the Client may contract with Maxfield to conduct a full <br />market feasibility study, which is also described herein. <br />SCOPE AND COST OF SERVICES <br />Preliminary Demand Estimate <br />1. Identify an appropriate draw area for the proposed senior housing development. <br />2. Analyze senior household income estimates, senior homeownership rates and <br />home values to assess the potential income /asset - qualified market base in the <br />Market Area. <br />3. Define the various types of senior housing. <br />4. Inventory existing and pending competitive senior housing product within the <br />draw area. <br />5. Calculate demand for affordable (with income restrictions) and market -rate senior <br />housing. <br />Cost for Demand Estimate: 2$ S_ <br />PAGE 4 <br />'115 First Avenue .`it, zous. MN 5 =413 <br />