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<br />Ms. Catherine Mehelich <br />November 20, 2006 <br />Page 2 <br /> <br />WORK PROGRAM <br /> <br />The work program outlined below is designed to meet the above objectives. The work program <br />will address the items contained in the scope of services provided by the City of Elk River. <br />Specific work tasks are summarized below: <br /> <br />1. STUDY AREA EVALUATION <br /> <br />The study area will be inspected to evaluate its physical characteristics, location, and <br />suitability for retail or business park/industrial use. Factors to be studied include, but are not <br />limited to: location, size, access, ingress and egress, visibility, vehicular traffic patterns, <br />traffic counts, and relationship to other uses in the area. Adjacent uses will be identified and <br />evaluated. <br /> <br />2. RETAIL MARKET ANALYSIS <br /> <br />Retail market analysis will, as requested in the scope of work, identify market demand for <br />retail space in Elk River and the Gateway Business Center. <br /> <br />. Competitive Centers Evaluation <br /> <br />Competitive shopping centers and retail clusters serving the market area will be inspected <br />and evaluated to determine competitive impacts on the retail uses at the proposed <br />Gateway Business Center. Principal competitors will be analyzed to evaluate tenant mix, <br />retail gross leasable area (GLA), and anchor stores. Competitive shopping centers will be <br />classified by type. Rental rates, CAM and property taxes will be identified when <br />available. Proposed and planned competitive shopping centers will be identified to the <br />extent possible. <br /> <br />. Broker Interviews <br /> <br />Brokers and shopping center owners familiar with the Elk River area will be interviewed. <br />These interviews will address retailers interested in locating in Elk River and retail <br />impressions of the area. <br /> <br />. Market Area Analysis <br /> <br />Gateway Business Center's retail market area will be delineated based on road network, <br />geographic barriers, competitive shopping areas and McComb Group experience. The <br />economy of the trade area will be analyzed to identify and quantify those factors that <br />generate support for retail establishments. <br /> <br />McComb Group maintains a proprietary database of historic growth trends in the Twin <br />Cities Metropolitan Area since 1970 by growth corridor. Each growth corridor tends to <br />maintain a consistent market share of residential growth over time unless some event <br />occurs to cause a change such as a new river crossing or MUSA line expansion. Historic <br />market share trends for each growth corridor are evaluated to determine those factors that <br />will influence future residential development in each growth corridor. The resulting <br />