7.3 HRSR 11-06-2017 El ,....,1 Request for Action
River
To Item Number
Housing and Redevelopment Authority 7.3
Agenda Section Meeting Date Prepared by
General Business November 6,2017 Amanda Othoudt,EDD
Item Description Reviewed by
Housing Study Update Cal Portner,City Administrator
Reviewed by
Action Requested
Authorize staff to enter into an agreement with Maxfield Research to update the 2015 Housing Study.
Background/Discussion
The Elk River HRA conducted its last housing study in 2015.The anticipated outcome of the study is to
determine availability of different segments of the housing in Elk River and plan for the future of the
housing market.
The market has certainly improved since then with the development of two new senior living facilities
and over 288 final plated single family lots,and 420 preliminary platted single family lots in the past two
years. It is anticipated that the findings from the study will show substantial changes in the market over
the past 2-3 years.
Financial Impact
Should the HRA select to have Maxfield complete the update to the housing study the cost of the study
will be$7,116. Funding for the study could come out of the professional services line item.
Attachments
■ Maxfield Research Proposal dated October 10,2017
The Elk River Vision
A welcoming community with revolutionary and spirited resourcefulness, exceptional rIVEREIA
service, and communityengagement that encourages and inspires pr».rperity ATU
FEE PROPOSAL
CITY OF ELK RIVE SELECT HOUSING STUDY UPDATES
Ma4tAtilteseartharld Consulting,lit Staff
Mary
-,-
Mary Matt Brian Rob Admin. Maxfield Cost by
Bujold Mullins Smith Wilder Asst. Research Task
President Vice-Pres. Sr.Analyst Analyst Support Total Total
!Bill Rate 150.00 135.00 125.00 85.00 75.00
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Pop&HH projections 0.75 0.50 1.25 $144
Age Distribution 0.50 0.50 $43
Tenure by Age of HH 0.50 0.50 $43
HH Income 1.00 1.00 $85
HH Type 0.50 0.50 $43
Tenure by Income 0.50 0.50 $43
Subtotal 0.00 0.75 0.00 3.50 0.00 4.25 $399
Resident Unemployment 0.75 0.75 $64
Covered Employment Trends 0.75 0.75 $64
Inflow/Outflow 0.75 0.75 $64
Major Employer Update 0.75 0.75 $64
Subtotal 0.00 0.00 0.00 3.00 0.00 3.00 $255
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Building Permit Update 1.00 1.00 2.00 $220
Housing Stock(Units in Structure by Tenure) 1.00 1.00 $85
Subtotal 0.00 1.00 0.00 2.00 0.00 3.00 $305
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Survey all rental properties 6.00 6.00 12.00 $1,260
Map all rental properties 1.00 1.00 $85
HUD Income limits by AMI&HH Size 0.50 0.50 $43
Subtotal 0.00 0.00 6.00 7.50 0.00 13.50 $1,388
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Survey all senior properties 3.00 7.00 10.00 $970
Map all senior properties 1.00 1.00 $85
Subtotal 0.00 0.00 3.00 8.00 0.00 11.00 $1,055
Home Resales 0.50 0.50 $68
Resales by SF vs.MF 0.50 0.50 $68
Resales by Price-past year 0.50 0.50 $68
Home Sales PSF 0.50 0.50 $68
Active Listings 1.00 1.00 $135
Active by Housing Type 1.00 1.00 $135
Lot Supply-SF 8.00 8.00 16.00 $1,760
Lot Supply-MF 2.00 2.00 $270
Subtotal 0.00 14.00 0.00 8.00 0.00 22.00 $2,570
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For-Sale Housing 0.50 0.50 $43
Rental Housing 0.50 0.50 $43
Senior:Active Adult Market Rate(owner vs.renter) 0.50 0.50 $43
Senior:Active Adult Affordable 0.50 0.50 $43
Senior:Active Subsidized 0.50 0.50 $43
Senior:Independent Living 0.50 0.50 $43
Senior:Assisted Living 0.50 0.50 $43
Senior:Memory Care 0.50 0.50 $43
Demand Summary Table 0.50 0.50 1.00 $105
Subtotal 0.00 0.00 0.50 4.50 0.00 5.00 $445
!Recommendations
Update Recommedations Table only(little text) 4.00 1.00 1.00 $700
ISummary/Total 0.00 19.75 9.50 37.50 1.00 61.75 $7,116