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NOV -03 -98 05:33 PM ZIMMERMAN /VOLK ASSOC INC 908 735 4751 P -04 City of Lino Lakes Page 3 November 3, 1998 an entire political jurisdiction— through cluster analysis of households living within designated draw areas. In contrast to classical supply /demand analysis —which is based on supply -side dynamics and baseline demographic projections — target market analysis establishes the optimum market position derived from the housing and lifestyle preferences of households in the draw area and within the framework of the local housing market context, even in locations where no close comparables exist. In geo- demographic segmentation, clusters of households (usually between 10 and 15) are grouped according to a variety of significant factors, ranging from basic demographic characteristics, such as income qualification and age, to less - frequently considered attributes such as mobility rates, lifestyle patterns and compatibility issues. ZIMMERMAN/VOLK ASSOCIATES has refined the analysis of these household clusters through the correlation of more than 500 data points related to housing preferences and consumer and lifestyle characteristics. As a result of this process, ZIMMERMAN/VOLK ASSOCIATES has identified 41 target market groups with median incomes that enable most of the households within each group to qualify for market -rate housing, and an additional eight groups with median incomes in which a more limited number of households is able to qualify for market -rate housing. The most affluent of the 49 groups can afford the most expensive new ownership units; the least prosperous are candidates for the least expensive existing rental apartments, The MARKET POSITION ANALYSIS will include: I, Draw Area Delineation The appropriate draw area(s) for housing within the proposed town center will be identified, based on historic settlement patterns, migration trends, and market dynamics. II. Market Overview The study will include a brief evaluation of: • The site's characteristics, visibility and location in relation to its position within the market area; and • The housing market context —based on ZIMMERMAN /VOI.I: ASSOCIATES' field investigation and data to be supplied by the client —in relation to potential residential development on the property. %IM\ {P.RM /N /V (ILK AS )CIA'Ii INt.