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In-House Market Analysis <br /> A fourth option the HRA may wish to consider is completing the market analysis in- <br /> house. Such an analysis would follow a publication titled Step-By-Step Market Analysis: <br /> A Workbook for Downtown Business Development. The program's table of contents is <br /> included for your review as Attachment A. Although the analysis could be completed <br /> in-house at a reduced expense, hiring one of the above consultants would provide <br /> several advantages. <br /> First, all three consultants propose to complete their analysis within a three month <br /> period, which would allow the Downtown Redevelopment Plan to be completed on <br /> schedule. If it is decided that staff should complete the analysis, the analysis will take <br /> longer than three months and resources will be diverted from the redevelopment plan. <br /> Secondly, the consultants have access to more current and accurate data than staff does <br /> and their experience will result in the use of the appropriate data in the analysis. <br /> Finally, a consultant will offer a more objective and thorough analysis of the study's <br /> findings. <br /> Recommendation <br /> Of the four options presented above, it is staff's opinion that Maxfield Research would <br /> be the best fit in completing a market analysis of the downtown area. The firm has a <br /> reputation for producing very thorough, accurate work, which was evidenced by their <br /> very detailed proposal. This leads staff to believe that an analysis by Maxfield is likely <br /> to have applications for other projects that the HRA may be interested in, such as <br /> housing. A residential analysis was not included in the McComb Group's proposal. <br /> Finally, and most importantly, it was apparent to staff that Maxfield clearly <br /> understood that a market analysis should complement and support the Downtown <br /> Redevelopment Plan. <br /> Attachments <br /> • Table of Contents of Step-By-Step Market Analysis:A Workbook for Downtown <br /> Business Development <br /> • <br />