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4.6 HRSR 06-01-2015 REQUEST FOR ACTION T O I TEM N UMBER Housing Redevelopment Authority 4.6 A GENDA S ECTION M EETING D ATE P REPARED BY ConsentJune 1, 2015Amanda Othoudt, EDD I TEM D ESCRIPTION R EVIEWED B y Request for authorization for staff to enter into an agreement Cal Portner, City Administrator with Maxfield Research to update the 2012 housing study. R EVIEWED BY AR CTION EQUESTED Authorize staff to enter into an agreement with Maxfield Research to update the 2012 housing study. B ACKGROUND The Elk River HRA conducted its last housing study in 2012. 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. Back in 2012, the study indicated that there were over 400 undeveloped lots within the Elk River housing market due to the volatility in the housing market. The market has certainly improved since then, and it is anticipated that the findings from the study will show substantial changes in the market over the past 3+ years. D ISCUSSION 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. FI INANCIAL MPACT The HRA budgeted $12,000 to update the housing study in 2015. Should the HRA select to have Maxfield Research update the study, the cost of the study will be $12,500. The balance of $500 would come out of the professional services line item. Attachments  Maxfield Research Proposal A Proposal for a Comprehensive Housing Needs Analysis for the City of Elk River, Minnesota Prepared for: City of Elk River Elk River, Minnesota May 2015 1221 Nicollet Mall Suite 218 Minneapolis, MN 55403 612.338.0012 www.maxfieldresearch.com May 26, 2015 Ms. Amanda Othoudt Economic Development Director City of Elk River 13065 Orono Parkway Elk River, MN 55330 Dear Ms. Othoudt: Thank you for contacting Maxfield Research Inc. to provide a profor a Comprehensive Housing Needs Analysis for the City of Elk River, Minnesota. This study would update the previously completed housing study completed by Maxfield Research in the summer of 20The study would revise all pre- viously completed data, including demographics, economics, market conditions, housing demand, rec- ommendations, etc. Based on the updated findings the housing study would determine the market po- tential for developing additional housing products in Elk River. We would provide detailed recommen- dations (number of units/lots; unit mix and sizes; price/rent; housing featu the housing types identified as being needed in the short- and long-term. Along with the proposal is a statement of qualifications for ourk- ground, outlines our services and representative clients, and pr would be conducting the housing study. The work program for this housing market needs analysis is outlined on the following pages. The total fee for staff time for the analysis would be $12,500.00, including expenses for outside data purchases, postage, printing, photocopying, long distance telephone, travel, etc. Costs are presented for each ma- jor component of the work program. Maxfield Research Inc. would be able to deliver a draft report o the housing analysis in approximately 90 to 120 days. We welcome the opportunity to work with you on this project. Ifv- al, please sign and return one copy of the contract. Please cal proposed work program or if you need any other information. I can also be reached via email at mmullins@maxfieldresearch.com. Sincerely, MAXFIELD RESEARCH INC. Matt Mullins Vice President & Business Development (main) 612-338-0012 (fax) 612-904-7979 1221 Nicollet Mall, Suite 218, Minneapolis, MN 55403 www.maxfieldresearch.com May 26, 2015 Ms. Amanda Othoudt Economic Development Director City of Elk River 13065 Orono Parkway Elk River, MN 55330 CONTRACT FOR PROFESSIONAL SERVICES Maxfield Research Inc. proposes to provide market research and csulting services to the City of Elk River (the Client) to prepare a Comprehensive Housing Needs Analysis. The housing study will update all information from the previous analysis completed by Maxfield Research in 2012. The needs analysis will determine the market potential for developing different typ owned and rented housing through 2025 based on an examination of demographic and em- ployment growth trends and current housing market conditions. Detailed recommendations (number of units/lots; unit mix and sizes; prices/rents; housing the housing types identified as needed in the short-term (2015 to 2020) and long-term (2020 to 2025) would be provided. DESCRIPTION AND BIOGRAPHY OF FIRM Maxfield Research Inc. has over 30 years of experience in assisting communities to determine market conditions for planning and development efforts, providindemographic estimates and projections, and analyzing county and municipal commercial and residential real estate needs. Our thorough knowledge of market trends in the real estate indus clients with valuable information that affects planning and development. We are able to de- termine viable solutions to the issues that communities face. Wa- tional with work completed in over 40 states. Maxfield Research Inc. provides research and analysis in the are student housing, senior housing, office, retail, hospitality, industrial, and financial institutions. Maxfield also has experience in organizing and conducting focus s- tering on-line and mail surveys, holding public forums for large scale pla organizing and making presentations to city councils, planning commissions, and economic de- velopment authorities. A more detailed company overview is located in th (main) 612-338-0012 (fax) 612-904-7979 1221 Nicollet Mall, Suite 218, Minneapolis, MN 55403 www.maxfieldresearch.com Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 4 METHODOLOGY It is our understanding that the primary objective of this analyCity of Elk River with a market-based analysis that will identify current and future housing needs in the Elk River area and help decision makers develop a greater understanding of the Citys housing mar- ket. Maxfield Research Inc. will provide detailed recommendatioon plan for hous- ing development (both short-term and long-term) and recommend tools and policies that will assist implementation. Our findings will provide a basis for co and decision-makers to guide future efforts when addressing housing needs. The hallmark of Maxfield Research Inc.s approach to comprehensi thoughtful, in-depth combination of primary and secondary research. Primary ren- cludes surveys of existing housing properties, one-on-one interviews with major employers, de- velopers, builders, Realtors, property managers, city and govern familiar with housing issues and the local housing market. Seco obtained from reliable published sources including the Census Bureau, ESRI (a national de- mographics firm), State demographic centers and economic develop others. Secondary published data is always re- viewed carefully in light of other local factors revealed through the primary research that may have an impact on the analysis. The result is a custom analysis that provides the Client with in- formation that is timely and locally per- tinent. Comprehensive Housing Our work approach will draw on our Needs Analysis experience and expertise in conducting housing studies on behalf of public enti- ties and private developers. Maxfield Research Inc. routinely com- pletes over 100 housing studies annu- ally and is a market leader on housing research and consulting in the Upper Midwest. MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 5 WHY MAXFIELD RESEARCH? We Know Elk River & Central Minnesota Benefit: Work efficiency our past experience in Elk River and Central Minnesota will allow us to be on the ground immediately Housing Inventory Benefit: Maxfield Researchs proprietary housing data includes detailed informatiol- tifamily properties across Minnesota Experience Counts Benefit: Committed team of senior-level leaders; the four team members dedicated to this project have a combined 75 years of experience and have completeover20Comprehen- sive Housing Studies overthe past two years Local Knowledge National Experience Benefit: Our work is grounded in local issues/reality and we can integrate best practices from elsewhere Relationships Benefit: We have deep relationships with the development community; we understand their barriers and opportunities, we know what they want, and they will talk to us Full-Service Real Estate Advisory Firm Benefit: We understand the connection between all real estate types and we advise both public- and private-sector clients Comprehensive Approach Benefit: Data-driven analyses generateconclusions and recommendations based on market realities On the Ground Field Research Benefit: Hands-on field work, in-person interviews, telephone surveys, combined with the analysis of the Census and other data to gain the most information possible Proven Methodologies & Results Oriented Benefit: Our process for projecting housing demand has proven to be effectde- liver action-oriented strategies MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 6 RESEARCH STAFF Mary Bujold, CRE,President, Maxfield Research Inc., will serve as principle-in-charge of the pro- ject and serves as a consultant for the recommendations. Ms. Bujold has twenty-nine years of experience in housing market research and is regarded as a markei- dential real estate. Mr. Matt Mullins, Vice President, will serve as the project manager and principal analyst for the project. Mr. Mullins will oversee the project timeline and will be responsible for the exe of the work program associated with the project. Mr. Mullins will work closely with junior staff to complete all work tasks associated with the project. Mr. Mullins was the lead analyst on several recent comprehensive housing studies, including the 2012 study for the City of Elk River. Other recent projects Mr. Mullins had completed for Minnesota communities include: Hutchinson, Montrose, and Roseville, as well as the Counties of Washington, Scott, and Olmsted. Mr. Mullins is currently overseeing the comprehensive housing studies for the Town of Brownsburg, Indiana. Mr. Joe Hollman, Senior Research Analystwould assist Mr. Mullins on this project as a principal analyst. Mr. Hollman would be responsible for completing a port this project, including interviews, contacting housing developmeg the conclu- sions and recommendations, and compiling the written report. Mra- lyst on several recent comprehensive research studies that focused on the market demand for residential and commercial real estate, including comprehensive housing studies for Roseau County, Minnesota and the City of Austin, Minnesota. Mr. Hollman is currently working on a tax credit project in Hinckley, Minnesota. Mr. Brian Smith, Research Analyst, will provide data gathering services for this project. Mr. Smith will be responsible for compiling demographic and employment dat market information for the various types of housing. Mr. Smith has assisted on several com- prehensive housing needs studies during his tenure with Maxfield Research Inc., including the Cities of Elk River, Owatonna, and Hibbing, Minnesota. Mr. Smith is currently working on a sen- ior housing needs analysis for communities throughout the State of Iowa. Individual resumes of the project staff are included in the appendix. MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 7 SCOPE AND COST OF SERVICES Comprehensive Housing Needs Analysis A. Project Kickoff Meeting/Field Work 1.Meet with representatives of the City of Elk River and other stakeholders to review project goals and objectives. Refine work program if required. This report will re- quire some assistance from the City of Elk River and stakeholders; data requests and other project assistance will be discussed during this time. 2. Conduct a windshield survey of the housing stock in Elk River. B. Review of Past Studies/Planning Documents 1.Obtain information on past housing studies/planning documents or reports/publications with information pertinent to the assignmen documents and identify information from these analyses that is i study; identify how current conditions have changed. 2. Summarize information obtained from previous documents and their current analysis; include conflicting information or document ke relevance to the current project. C. Demographic Analysis (Data will also be provided for comparison purposes to other Minnesota communities. Peer cities will be discussed during the kick-off meeting) 1.Identify a housing draw area for the City of Elk River. 2.Examine population and household growth trends and projections to 2025. 3.Examine demographic information on: a.population age distribution b.persons per household (household size) c.household incomes by age of householder d.household incomes be tenure e.household net worth f.household tenure g.household tenureby age of householder h.household tenure by household size i.household type j.diversity/ethnicity/culture 4.Present information on mobility trends. 5.Summarize links between the demographic profile and housing dema 6.Discuss the implications of the findings on housing demand in Elk River. MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 8 D.Employment Trends (Data will also be provided for comparison purposes to other Minnesota communities.) 1.Examine local data on resident employment (based on place of residence). 2.Examine local data on covered employment (based on location of jobs). 3.Provide data on jobs by NAICS industry sector. 4.Identify major employers. 5.Identify commuting patterns of area workers. a)Place of residence vs. place of employment b)Wages c)Demographic characteristics. 6.Project job growth to 2025. Analyze any business expansions/contractions and their effect on the local housing market. 7.Interview economic development specialists, major employers, and local officials re- garding major employment changes and other issues that may impact long-term employment projections. 8.Discuss the implications of the findings on housing demand in Elk River. E. Housing Characteristics & Condition 1.Compile statistics on the age of the housing stock in Elk River and the draw area. 2.Compile residential building permit data by type of housingto the most current available figures for Elk River and the draw area. 3.Analyze U.S. Census and American Community Survey (ACS) findings collected be- tween 2009 and 2013 (the most recent available). Compile the following: a)Renter-occupied units by contract rent b)Owner-occupied housing units by value c)Owner-occupied housing units by mortgage status d)Housing units by structure and occupancy e)Housing units by occupancy status and tenure 4.Review housing market value data from City/County tax records (if available) or ACS. MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 9 5.Interview area housing professionals and other local governmental staff regarding housing conditions, economic development trends, and other facto local housing markets. 6.Identify the residential land supply and its impact on potential housing prod 7.Conduct a windshield survey of housing properties in Elk River. The windshield sur- vey provides a visual assessment of the general conditions of the housing stock. Comment on properties or neighborhoods with code enforcement concern other substandard housing issues that have undesirable housing c 8.Discuss the implications of the findings on housing demand in Elk River. F.For-Sale Housing Market Analysis 1.Collect data on housing resale values (single-family and multifamily); examine price distribution and average/median sale price of home resales in Elk River and the draw area (Note: this may require assistance from the city or county assessor). 2.Compile data on home foreclosures in Elk River. Identify the number of home foreclosures by year and geographic location in the community (if available). Discuss any concerns/issues regarding concentrations of home foreclosures. (This may require assistance from local government officials). 3.Analyze data on the inventory and list price of homes currently 4.Survey active and recently completed for-sale housing developments (single-family homes, townhomes, twinhomes, etc.) in Elk River and the surrounding area; analyze information on product types, lot sizes, home sizes, sale prices absorption (if available). For condominium or cooperative products (if any), provide data on building and unit amenities and common areas. 5.Identify Elk Rivers residential lot supply and the impact on potential housing production. Present information on vacant lots by year platted, subdivision, pricing, etc. 6.Identify and survey manufactured home parks in Elk River and the draw area (if any). Present information on number of pads, vacant pads, lot pricing, and tenant profile. 7.Identify pending for-sale housing developments in Elk River and the draw area, and discuss the likely impact of these developments on the housing m 8.Interview real estate sales agents, developers, and builders to assess the overall strength of the for-sale housing market, buyer profiles, the impact of foreclosures/short sales on the housing market, desired housing range, and unmet market niches. 9.Based on a windshield survey of homes in Elk River and interviews with City staff and Realtors discuss the overall condition of the owner-occupied housing stock in the City. MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 10 G.General Occupancy Rental Market Analysis 1.Survey larger (8-units or more) general occupancy rental housing projects, including subsidized (deep subsidy/extremely low income), affordable (shallow subsidy/very low income),workforce housing (80% to 120% of AMI) and market rate develop- ments in the Elk River study area. Map locations of the multifamily housing stock. 2.Analyze data collected from the rental survey on year built/remodeled, monthly rents, vacancies, rents per foot, unit types/sizes and features, common area ameni- ties, and resident profiles. 3.Inventory pending rental developments in the Elk River area and assess their poten- tial impact on the market. 4.Interview owners/managers of rental housing in the area to asses the need for additional rental housing in Elk River. Identify appropriate rental rates and the target markets for new rental construction in the community. H.Senior Housing Market Analysis 1.Inventory existing senior housing developments in the draw area, including subsi- dized (deep subsidy), affordable (shallow subsidy), and market r the study area. Projects will include rental and for-sale active adult, congregate, as- sisted living, and memory care senior housing developments. In n- formation on skilled nursing facilities. Map locations of the senior housing stock. 2.Analyze data collected from the survey on year opened, number of units, vacancies, pricing, unit types and features, common-area amenities, services provided (if appli- cable), and resident profile. 3.Inventory pending senior developments in the draw area and assestheir potential impact on the market. 4.Interview managers/sponsors of senior housing in the draw area t trends and the potential need for additional senior housing or skilled nursing care in Elk River. I.Conclusions and Recommendations 1.Quantify demand for housing (subsidized, affordable, and market rate) in Elk River through 2025 based on projected employment and household growth trends, exist- ing pent-up demand, turnover/mobility, and estimated replacement needs. 2.Identify potential target markets for new for-sale, rental, and senior housing. 3.Identify potential unmet market niches and discuss the primary d current market situation. 4.Based on lot supply and absorption trends, discuss the current s more lots should be platted in order to meet projected demand. 5.Suggest an appropriate housing mix by product type (rental, owne price point and discuss the target markets for each. 6.Suggest appropriate development concepts in the short-term (developments need- ed by 2020) and long-term (2020 to 2025), including number of units, unit mix, unit sizes, sale prices or monthly rents, and in-unit features and common area amenities. MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 11 7.Discuss the potential need for public/private partnerships to acdevel- opment goals and support economic development in Elk River. 8.Identify strategies to maintain and improve neighborhood livabiliscuss housing programs and resources that may be administered by the CElk River to help achieve housing goals (i.e. home improvement loans, energy and environmen- tal sustainability, fix-up funds, foreclosure assistance, first-time home buyer classes, programs for migrant and seasonal workers, etc.) 9.Provide recommendations on other challenges and opportunities th housing stock and housing development in Elk River. J.Meetings and Client Contact 1.One kick-off meeting with Client (in person at time of field work or via conference call). 2.Review of the Draft analysis (via conference call or video conference) that would ad- dress report findings. 3.Formal presentation to appropriate governing body. 4.Report Preparation. Total Cost for Comprehensive Housing Needs Analysis $12,500.00 GIS Mapping Maxfield Research will present key data visually and spatially t However, Maxfield Research will require assistance from the Clie level data and the county assessor database. We will provide a list that will outline the mapping and data needs. COST OF SERVICES The work outlined under the Scope of Services will be performed for Twelve Thousand Five Hundred Dollars ($12,500.00), including out-of-pocket expenses for printing, postage, long- distance telephone, data purchases,travel, and an electronic version. Work completed on the assignment would be billed to the Client monthly as costs are incu Any additional research or meeting time requested by the Client that set forth in the accompanying Scope of Services will be billed at our normal hour $150). Any hard copies of the report would be billed to the Clit cost. The following fee proposal provides a detailed summary of staff hours needed to complete this project. The fee proposal includes a breakdown of costs by proj MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 12 Inc. staff assigned to the project. Any future updates to this Study will be contracted for sepa- rately, with the cost of services being dependent on timing and the scope of work. FEE PROPOSAL COMPREHENSIVE HOUSING NEEDS ANALYSIS FOR THE CITY OF ELK RIVER M Maxfield Research Inc. Staff Mary MattJoeBrianPhyllisMaxfieldCost by BujoldMullinsHollmanSmithAustinResearchTask Project Task PresidentVice-Pres.Sr. AnalystSr. AnalystSupport TotalTotal A.Project Kick-off and Field Visit 080008$1,000 B.Review of Past Studies 000202$170 C.Demographic Analysis 00014014$1,190 D.Employment Trends 0226010$1,010 E.Housing Characteristics and Condition 02010012$1,100 F.For-Sale Housing Market Analysis 01204016$1,810 G.General Occupancy Rental Analysis 02014016$1,440 H.Senior Housing Market Analysis 00214016$1,440 I.Conclusions and Recommendations 21026020$2,310 J.Meetings and Report Preparation 0602210$1,030 Total Hours2426722124 (times) Hourly Rate$150$125$125$85$55 Total Cost for Staff Time$300$5,250$750$6,090$110$12,500 (Plus) Travel Cost (not to exceed)*$0$0 Total Cost for Staff Time plus Travel$300$5,250$750$6,090$110$12,500 WORK PRODUCT Findings will be presented in an electronic PDF format; hard bound copies are optional. The Comprehensive Housing Needs Analysisis accepted by many lenders, limited partners, inves- tors or governmental bodies who require such documentation to sa COMPLETION TIME The work outlined under Scope of Services will be completed in d90 to 120 days of the execution of this agreement unless delayed by unexpected emergencies, forces be- yond the control of the parties, or by written agreement of the parties. A final report would be issued within two weeks of receiving alleedback from the Client. MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 13 PROPOSED COMPLETION TIMEFRAME COMPREHENSIVE HOUSING NEEDS ANALYSIS FOR THE CITY OF ELK RIVER M Month 1Month 2Month 3Month 4 Week Week Week Week Week Week Week Week Week Week Week Week Week Week Week Week Project Task 1234123412341234 A. Project Kickoff and Field Visit B. Review of Past Studies C. Demographic Analysis D. Employment Trends E. Housing Characteristics & Condition F. For-Sale Market Analysis G. GO Rental Market Analysis H. Senior Market Analysis I. Conclusions and Recommendations J. Delivery of Draft Report K. Formal Presentation PAYMENT All costs including staff time and out-of-pocket expenses billed on a monthly basis shall be pay- able to Maxfield Research Inc. within fifteen (15) days of recei completed and the cost of the work. A finance charge of one and one-half percent (1.5%) per month will be added to the unpaid balance of each invoice not pa All invoices are sent via email. A current email address needs to bed Research for billing purposes. A final invoice will be sent with the rel DISCLAIMER The objective of this research assignment is to gather and analynents as is reasonable within the time limits and projected staff hours set forth in this agreement. We assume no responsibility for matters legal in character. The pr free and clear of any indebtedness, liens or encumbrances; and g competent management are assumed, unless otherwise stated. If building plans or site plans are included in the report, they are to be considered only appromate and are submitted to as- sist the reader in visualizing the property. We assume no responsibility for the accuracy of any building or site plans. Certain information and statistics contained in the report, which are the basis for sions contained in the re- port, will be furnished by other independent sources. While we i- able, it has not been independently verified by us and we assumesibility for its accu- racy. MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 14 The conclusions in the report are based on our best judgments asants. Maxfield Research Inc. disclaims any express or implied warranty of assurance or represen- tation that the projections or conclusions will be realized as s project may be achieved, but also may vary due to changing marketeristic of the real estate industry, changes in facts that were the basis of conclusions in this repo other unforeseen circumstances. In the event payment is not received on a timely basis, Maxfield Research Inc. shall be entitled to a lien against the s This agreement will be construed according to the laws of the State of Min TERMINATION This agreement may be terminated upon written notification of ei the event of termination, the Client will pay Maxfield Research ff hours performed at the firm's normal hourly rates, plus all expenses incurred throu If this proposal meets with your approval, please sign and retur Maxfield Research Inc. The price terms of this agreement shall remain in effect for a period of 90 days from shown at the top of this document. Agreed to this ______day of __ _______________2015. MAXFIELD RESEARCH INC. CITY OF ELK RIVER Matt MullinsMs. Amanda Othoudt Vice President Economic Development Director MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 15 SELECTED HOUSING STUDIES / REFERENCES Maxfield Research Inc. 1.Comprehensive Housing Study for Plainview, Minnesota 2015 Client: Plainview EDA Contact: Judith Jordan, (507) 534-2264 Email: plainvieweda@gmail.com 2.Comprehensive Housing Study for Red Wing, Minnesota 2014 Client: Red Wing Housing and Redevelopment Authority Contact: Randal Hemmerlin Email: Randal.hemmerlin@ci.red-wing.mn.us 3.Comprehensive Multifamily Housing Study for Montrose, Minnesota2014 Client: City of Montrose Contact: Barb Swanson, (763) 575-7422 Email: bswanson@montrose-mn.com 4.Comprehensive Housing Needs Assessment for Olmsted County, Minne 2014 Client: Olmsted County Community Services, Mayo Clinic, and Rochester Area Foundation Contact: Paul Fleissner, (507) 328-6400 Email: fleissner.paul@co.olmsted.mn.us 5.Comprehensive Housing Market Analysis for Mora, Minnesota 2014 Client: Mora Housing and Redevelopment Authority Contact: Rose Dunn, (320) 679-4789 6.Housing Market Analysis and Demand Estimates for Owatonna, Minne 2013 Client: Owatonna HRA/Community Development Contact: Troy Klecker, (507) 774-7316 Email: Troy.Klecker@ci.owatonna.mn.us 7.A Comprehensive Housing Study for Austin, Minnesota 2013 Client: Austin HRA/Community Development Dept. Contact: Craig Hoium, (507) 437-9952 Email: Choium@ci.austin.mn.us 8.Comprehensive Housing Needs Analysis for Elk River, Minnesota 2012 Client: Elk River Economic Development Contact: Clay Wilfahrt or Annie Deckert, (763) 323-5709 MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 16 9.A Comprehensive Housing Study for Roseau County, Minnesota 2012 Client: Roseau County Affordable Housing Fund Contact: Todd Peterson, (218) 463-5003 Email: commdevhra@wabasha.net 10.Comprehensive Housing Needs Analysis for Hutchinson, Minnesota2012 Client: City of Hutchinson & Hutchinson HRA Contact: Jean Ward, (320) 234-4451 Email: jward@ci.hutchinson.mn.us 11.Senior Housing Analysis for Dodge, Goodhue, Wabasha, and Winona 2012 Client: Southeastern Minnesota Multi-County Housing and Redevelopment Authority Contact: Karen DuCharme, (651) 565-2638 Email: commdevhra@wabasha.net 12.Housing Needs Analysis for Elk River, MN 2008 Client: Greater Minnesota Housing Fund Contact: (651) 221-1997 13.Assessment for Housing Demand in Elk River, MN 2006 Client: City of Elk River Contact: (507) 864-2444 MAXFIELD RESEARCH INC. Ms. Amanda Othoudt May 26, 2015 City of Elk RiverPage 17 --APPENDIX MAXFIELD RESEARCH INC. 30 years of Experience Offering Solutions to your Real Estate Challenges aã K;7w;;©-wL-uhÒ©/z;· isafullserviceresearch K rmprovidingmely andcomprehensiverealestatemarketinformaonandanalysisthatis tÒ,z-{;-·©©;-;7onsprovidedecision cricaltothesuccessofourclients.With30yearsofexperienceinreal makersaguidetofutureplanning.Strategiccounsel estatemarketfeasibilityandconsulng,ourexperseenablesustooer onmarkettrendsandrealestateacviesassists soluonstodicultchallenges.Weassesstheneedsofeachproject, ancipateproblemsandprovidesoluons.Weworkcloselywitheach clientswithavalueaddedservice clienttoassureourresearchdataandanalysisprovideexactlythe informaonneededinplanninganddevelopingnewprojects.We t©zÝ·;{;-·©¦©Ýz7;clientswithobjecveand providecustomizedstudiesdesignedtodeliverstrategicframeworkfor unbiasedadvicetoposionthemselvestomaximize eachofourcli;·xobjecvestoopmizelanduseandvalueoftheirreal estateneeds. opportunityandreducerisk Developingdynamicrelaonshipsanddeliveringstrategicsoluonshas ©;ã·;zÝ;experienceserving L·Ò{;-· earnedusour-z;·xcon K denceinourexperse.Ourbroadexperience broadspectrumofclients stuonalclients andvariedcustomerbaseincludespublic,privateandin seekingcrucialinformaoninmakingdecisionsregardingthelatest withuniqueorganizaonal trendsintherealestateindustry. needs. Max K eldResearchInc.isalocal,regionalandinternaonalplayerinthe realestateconsulngindustry. Our Staff 9ã¦;EhÒ©{;©Ýz-; w;z7;!z·withinformaononmulfamily,seniorhousing,taxcredit,masterplanned MaryBujold,President communies,residenalscenariosandmore. /;©-z!äzforretail,oce,industrialandhotelspaceworkingwithprivatedeveloperson MaMullins,VicePresident& speci K cprojects BusinessDevelopment [7;Izmw;·andbestuseassessments,redevelopmentanddevelopmentissues,collaborang JoeHollman,Sr.ResearchAnalyst withplanningconsultantstoprovidemarketdataandsupportlanduserecommendaons. {¦;-zt©Ýz7zmexperttesmonyandligaonsupport,economicimpactanalysis,K nancialpro BrianSmith,Sr.ResearchAnalyst formas,etc. /Òm{;©Ýz-;-Ò·analysisaccordingtospeci K cneeds,speci K edaspectsregarding d oor DavidSajevic,ResearchAnalyst plans,unitmix,premiumpricingassessments,compeveshoppingandmore. RobWilder,ResearchAnalyst 1221NicolletAvenue,Suite218,Minneapolis,MN55403 PhyllisAusnOceManager Phone:6123380012 Fax:6129047979 www.max K eldresearch.com Maxfield Research Inc. Organization Research that breaks groundÈ. GeneralBackground Maryhasalmost30yearsofexperienceinrealestate researchandconsulngandisconsideredamarket expertinthe K eldofresidenalrealestateandinmarket analysisfor K nancialinstuons.Sheregularlytes K esas anexpertwitnessforeminentdomain,taxappealand othertypesofrealestateligaon. AsPresident,sheheadsprojectsforlargescalelanduse andredevelopmentstudiesincludingdowntown revitalizaonforprivatedevelopersandmunicipaliesas wellasprivatedevelopersanduniversiesontheir studenthousingneeds. Maryfrequentlygivespresentaonsatseminarsand Mary Bujold workshopsessionsoncurrentrealestatemarkettopics. President Experience LargeScaleRedevelopment ProfessionalDesignaonandAppointments MasterPlannedCommunies RentalHousing CounselorsofRealEstate(CRE) CREBoardofDirectors2yearterm CondominiumHousing EditorRealEstateIssuesJournal SeniorHousing HousingDevelopmentCommieeProjectforPridein StudentHousing Living FinancialInstuons ExpertTesmonyandLigaonSupport ProfessionalOrganizaons ComprehensiveHousingNeeds CounselorsofRealEstate(CRE) RetailAnalysis NaonalAssociaonofRealtors(NAR) DowntownRevitalizaon MinnesotaAssociaonofRealtors(MAR) IndustrialAnalysis MinneapolisAreaAssociaonofRealtors(MAAR) FiscalImpactAnalysis NaonalHistoricTrustMainStreetCenter Educaon BachelorofArtsinBusinessAdministraon MarqueeUniversity Maxfield Research Inc. MastersofBusinessAdministraon 1221 Nicollet Avenue UniversityofMinnesota Suite 218 Minneapolis, MN 55403 www.maxfieldresearch.com Phone: 612-338-0012 Fax: 612-904-7979 E-mail: mbujold@maxfieldresearch.com Maxfield Research Inc. Organization Research that breaks ground…. GeneralBackground MattMullinsbringsover18yearsofrealestateconsultingandadvisory serviceexperiencetoMaxfieldResearchInc.Matthasmanagedand directedrealestateanalysisprojectslocally,regionally,andnationallyfora broadspectrumofprivateandpublicsectorclients.a··xexperience usetypes,including:singlefamily canvassesavarietyofrealestateandland andmultifamilyhousing,commercial,industrial,mixeduse,hospitality, entertainment,tourism,transitorienteddevelopments,amongothers. Mattisatrustedadvisorwhomindustryleadersregularlyrelyonhis forthrightinsightintotherealestatemarket.Mattfrequentlypresentsreal sectorentitiesand estatefindingsandemergingtrendstopublic professionaltradeorganizations.Inadditiontohisstrategicresearchand consultingresponsibilities,Mr.Mullinsalsomanagesandimplements businessdevelopmentstrategiesandmarketinginitiativesforMaxfield Research.Furthermore,MattoverseesandmentorsotherMaxfield Researchadvisors. Matt Mullins Mr.MullinsjoinedMaxfieldResearchinJanuary2003.Priortojoining MaxfieldResearch,Mattpreviousexperiencewasasaconsultantforother Vice President & nationallyandgloballybasedadvisoryservicefirmsprovidingrealestate Business Development advisoryservices. Experience ProfessionalOrganizaons UrbanLandInstute(ULI) Highest&BestUseStudies SensibleLandCoalion(SLUC) ComprehensiveHousing NaonalAssociaonofRealtors(NAR) RedevelopmentandAdaptiveReuse MinnesotaAssociaonofRealtors(MAR) MasterplannedCommunities MinneapolisAssociaonofRealtors(MAAR) Apartments&Condominiums BuildersAssociaonoftheTwinCies(BATC) SeniorHousing&RetirementCommunities SinglefamilyHomes&Townhomes NaonalAssociaonofHomeBuilders(NAHB) Retail,Commercial,&Industrial Hospitality&ConferenceCenters Educaon GolfCourses&Marinas BachelorofArtsinUrbanStudies&Geography MixeduseDevelopment St.CloudStateUniversity TransitOrientedDevelopment nd Resort/2HomeCommunities MiniMastersinRealEstateDevelopment StudentHousing MiniMastersinInvestmentRealEstate FinancialAnalysis UniversityofSt.Thomas Maxfield Research Inc. RegistraonandLicenses 1221 Nicollet Avenue Suite 218 LicensedRealEstateBrokerintheStateofMinnesota Minneapolis, MN 55403 www.maxfieldresearch.com Phone: 612-338-0012 Fax: 612-904-7979 E-mail: mmullins@maxfieldresearch.com Maxfield Research Inc. Organization Research that breaks ground…. GeneralBackground Asaformercityplannerandcommercialrealestate professional,Joehasnearly20yearsofexperiencein theresearch,analysisandpresentaonofdatarelevant totherealestateindustry.Hehasexpersein commercialrealestate,housing,cityplanning, GeographicInformaonSystemsmappingand demographicanalysis. PriortojoiningMax K eldResearch,Joewasamemberof thenaonalresearchteamforCushman&Wake K eld, oneoftheÞ©7xlargestcommercialrealestate K rms. Inthisrole,heconductedresearchandanalyses focusingontheoce,industrialandretailrealestate marketsintheTwinCiesMetropolitanArea.Before joiningthecommercialrealestateindustry,Joewasa plannerforthefollowingorganizaons:Cityof ColumbiaHeights,Minnesota;ArrowheadRegional DevelopmentCommissioninDuluth,Minnesota; Joe Hollman and,PeoriaCounty,Illinois.Asaplanner,he contributedtothecreaonofmulple Sr. Research Analyst comprehensiveplans,landusestudies,zoning ordinancesandsiteassessments. Experience Educaon BachelorofScienceinGeography Retail,OceandIndustrialRealEstate UniversityofWisconsinatLaCrosse HotelFeasibility GeneralOccupancyRentalHousing MarketPotenalAnalyses ComprehensiveHousingPlans SeniorHousingandRerementCommunies ForSaleHousing StudentHousing Maxfield Research Inc. 1221 Nicollet Avenue Suite 218 Minneapolis, MN 55403 www.maxfieldresearch.com Phone: 612-338-0012 Fax: 612-904-7979 E-mail: jhollman@maxfieldresearch.com Maxfield Research Inc. Organization Research that breaks groundÈ. GeneralBackground BrianSmithhas15yearsofexperienceinrealestate researchandconsulngwithMax K eldResearchInc. Brianimpartshisexperseinallproducttypesprovided byMax K eldResearchInc.Brianhasconductedanalysis andconsulngonstudieslocally,regionally,and naonallyforbothpublicandprivatesectorclients. Briandirectsanalysisonstudiesincludingaordableand marketraterentalhousing,forsalehousing,senior housing,comprehensivehousingneeds,retail, commercial,industrial,transitorienteddevelopment, andbankingfeasibilies. Brian Smith Experience Sr. Research Analyst SeniorHousing&RerementCommunies ComprehensiveHousingPlans Aordable&MarketRateApartments Condominiums Education FinancialInstuons BachelorofScienceinMarkeng Highest&BestUseStudies MinnesotaStateUniversity AdapveReuseandRedevelopment MasterplannedCommunies Retail,Commercial,&Industrial MixeduseDevelopment TransitOrientedDevelopment SinglefamilyHomes&Townhomes StudentHousing Maxfield Research Inc. 1221 Nicollet Avenue Suite 218 Minneapolis, MN 55403 www.maxfieldresearch.com Phone: 612-338-0012 Fax: 612-904-7979 E-mail: bsmith@maxfieldresearch.com