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Memo to Steering Committee Page 3 <br /> February 9, 1995 <br /> • unit. Currently, there is a total of 4,754 residential units in Elk River. 75% <br /> of these units are detached single-family dwellings, and 22% are considered <br /> multi-family (more than three units per building). The amount of land zoned <br /> for multi-family purposes within the urban service area was determined to be <br /> approximately 4%. <br /> Included in this packet is an article from the Planning Advisory Service <br /> discussing land use ratios. Comparing Elk River's 4% figure to those cities <br /> with populations of under 100,000 listed in the attached article, the <br /> percentage of Elk River's land area dedicated to multi-family is on the low <br /> end. However, if a comparison was made only to those cities with <br /> populations less than 27,000 the average percentage of land for multi-family <br /> drops to approximately 7%. Based on these figures Elk River has a low <br /> percentage on land area dedicated to multi-famly. All this aside, the <br /> important issues to consider with multi-family is the overall density of each <br /> project, the concentration of multi-family within certain geographic areas and <br /> long term maintenance and aesthetic integrity. <br /> It is worth noting that a majority of Elk River's multi-family units were <br /> constructed during the middle to late 1980's. However, there are some <br /> projects that were built in the late 1960's and early 1970's. Through an <br /> • inspection program health, welfare, and safety issues can be maintained and <br /> preserve the visual quality and living environment of these buildings. In <br /> terms of opportunities for additional multi-family, the amount of available <br /> land zoned for multi-family has diminished through rezonings or <br /> development activity. Therefore, it is expected multi-family and the number <br /> of units that may be constructed should continue to decrease. <br /> Exhibit No. 4 is an inventory of all the multi-family projects in Elk River. <br /> Although there is a high percentage of multi-family units in the City, the <br /> vacancy rate is at 2%. Compared to other communities (See Exhibit No. 5) <br /> this rate is below the average. Typically, vacancy rates below 5% are <br /> considered to be an indicator of a healthy multi-family market. <br /> Fiscal Impact of Development <br /> To date, there has not been a full analysis of the fiscal impacts development <br /> has on Elk River. However, there have been other studies under similar <br /> conditions that Elk River is experiencing that can be used to draw some <br /> conclusions. To begin with, executive summaries from two studies (Exhibit 6- <br /> Lakeville, and Exhibit 7-Wright County) have been included for the <br /> Committee's review. In addition, excerpts from the Lakeville study <br /> IIIillustrating fiscal impacts based on a variety of residential land uses ranging <br /> s:steering:2-9memo <br />