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Mr. Joel Hanson <br />City of Little Canada. <br />October 17, 2001 <br />Page 2 <br />Full Feasibility Study <br />A. Site Visit and Evaluation <br />1. Field visit to assess adjacent and surrounding land uses. <br />2. Assess neighborhood orientation. <br />3. Assess access and visibility. <br />4. Assess proximity of the site to retail, health care and other services. <br />5. Determine the appropriateness of the site for senior housing. <br />B. Demographic Review <br />1. Define the draw (or "market ") area for a project located at the site. <br />2. Analyze overall population, household and employment growth trends. <br />3. Analyze senior population and household growth trends. <br />4. Analyze the age distribution of the older adult (55 +) population. <br />5. Analyze senior household incomes by age of householder. <br />6. Analyze senior homeownership rates. <br />7. Analyze home sales trends in the draw area and the ability of seniors to sell their <br />homes. <br />8. Summarize demographic trends as they relate to the demand for both affordable <br />and market rate senior housing in the study area. <br />C. Senior Housing Market Review <br />1. Survey existing competitive affordable and market -rate senior housing develop- <br />ments in or near the study area. <br />2. Present information on: number of units, age of building, unit mix, unit sizes, <br />monthly rents, unit features, common area amenities, resident profile, vacancies <br />and services available. <br />3. Inventory any pending senior housing developments; assess their impact on the <br />subject project. <br />4. Relate existing senior housing conditions to the potential demand for additional <br />senior housing. <br />D. Conclusions and Recommendations <br />1. Calculate demand for both affordable and market rate independent senior housing <br />in the market area and estimate the number of affordable and market rate units <br />that could be supported by housing development on the proposed site. <br />2. Provide recommendations on: <br />a. number of units supportable. <br />b. unit type, mix and sizes. <br />c. rent levels. <br />d. in -unit features and amenities. <br />PAGE 5 <br />