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SUMMARY OF FINDINGS <br /> • Maxfield Research Inc. was retained by the City of Elk River to conduct a comprehensive <br /> analysis of the market potential for redevelopment for Elk River's Downtown. Our research <br /> included an analysis of the existing supply and market conditions of housing, retail, and office in <br /> the area. We also analyzed growth trends and demographic characteristics and the impact of <br /> these trends on the potential to develop various land uses in the Downtown redevelopment area. <br /> Based on growth trends and market conditions in Elk River, we have quantified demand for <br /> additional housing, retail and office space for the period 2000 to 2010. Moreover, in light of our <br /> analysis of the existing Downtown land uses and condition, we have forecasted the amount that <br /> is supportable in the Downtown through 2010. Our demand calculations and recommendations <br /> are intended to serve as a guide to City staff as they develop a strategic plan for this area. <br /> The report includes both primary and secondary research. Primary research includes interviews <br /> with City staff, Downtown businesses and property owners, commercial brokers, homebuilders, <br /> developers, and real estate sales agents. Secondary research is credited to the source when used, <br /> and is usually data from the U.S. Census or Claritas, Inc., a nationally recognized demographics <br /> firm or is locally collected data such as building permit information or assessor's data. <br /> • <br /> • <br /> MAXFIELD RESEARCH INC. <br /> 6 <br />