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NOV -03 -98 05:33 PM ZIMMERMAN /VOLK ASSOC INC 908 735 4751 • P.03 City of Lino Lakes Page 2 November 3, 1998 INTRODUCTION AND STUDY OBJECTIVES This agreement describes a research and analysis program, to be undertaken on behalf of the City of Lino Lakes (hereinafter referred to as the client), designed to establish the optimum market position for residential uses within a town center development. The developn:.ent is proposed for the southeast quadrant of the intersection of Interstal,e 35W and Lake Drive (Highway 23/49) in the City of Lino Lakes, Anoka County, Minnesota. The optimum market position will be established based on Z1MMI:RMAN /VOLK ASSOCIATES' proprietary target market methodology, as well as the firm's nationwide expertise in the feasibility, market analysis and market positioning of developments designed using the principles of the New Urbanism. The Market Position Analysis will provide the following: • Delineation of' the draw area(s) for residential development within the town center; • Evaluation of relevant currently- active residential properties; • Analysis of the housing propensities of households within the draw area(s); • Optimum residential mix for the site, including tenure, density and building configuration; • Optimum unit sizes and market -entry base prices and rents; • Absorption forecasts; • Retail implications; • Phasing strategies; and • Profiles of target market buyers and renters. METHODOLOGY_ To achieve the study objectives and establish the framework for analysis, ZIMMERMAN/VOLK ASSOCIATES will employ its target market methodology. This proprietary methodology, developed and employed exclusively by ZIMMERMAN/VOLK ASSOCIATES, is an analytical technique, using the PRIZM geo- demographic system, that establishes the optimum market position for residential development of any property —from a specific site to ZIMAWRN i.NIV ni.V. Ass iCIn Ii: . U.c..