8. HRSR 04-02-2012REQUEST FOR ACTION
TO ITEM NUMBER
Housin Redevelo ment Authori 8.
AGENDA SECTION MEETING DATE PREPARED BY
Apri12, 2012 Clay Wilfahrt, Assistant Director of
Economic Develo ment
ITEM DESCRIPTION REVIEWED By
Authorize staff to enter into an agreement with Maxfield Annie Deckert, Director of Economic
Research to conduct a housing study Develo ment
REVIEWED BY
ACTION REQUESTED
Authorize staff to enter into an agreement with Maxfield Research to conduct a housing study.
BACKGROUND
At the February 6, 2012, HRA meeting, the HRA authorized staff to obtain quotes to conduct a housing
study. The Elk River HRA conducted its last housing study in 2003. The anticipated outcome of the
study is to determine availability of different segments of housing in Elk River and to plan for the .future
of the housing market in Elk River.
DISCUSSION
Staff has been in communication with four consulting firms about conducting a housing study: The
Central Minnesota Housing Partnership (CMHP), Maxfield Research, Community Partners Research and
BBC Research.
The. CMHP expressed that in their current absence of an Executive Director, they do not have the
capacity to take on this project. They recommended checking back in late summer or early fall for an
estimate on this project if the HRA were still interested.
Each firm was asked to put together a proposal for a comprehensive housing study similar to what was
completed for the HRA in the past, but also to include metrics that were inconsequential in 2003 such as
foreclosures and short sales. Staff also ensured that each firm can individually analyze specific
neighborhoods and properties as necessary. The following quotes were received:
$15,000 Maxfield Research
$18,900 Community Partners Research
$25,000 BBC Research
Staff recommends moving forward with Maxfield research to conduct the housing study. Upon
approving the agreement, Maxfield would complete the study in 75-90 days.
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