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<br />Ms. Catherine Mehelich <br />November 20, 2006 <br />Page 4 <br /> <br />. Competitive Business ParkslIndustrial Areas <br /> <br />Business parks and industrial areas that are competitive with Elk River and the proposed <br />Gateway Business Center will be identified and evaluated to determine building size and <br />types of tenants. Developable land available for future development will be identified. <br />Research will be conducted to identify incentive packages that are available at <br />competitive business park/industrial developments. Planned and proposed industrial <br />development areas that may affect demand at Gateway Business Center will be identified. <br />Information to be identified includes: acreage available, features and amenities, profiles <br />of users, and costsllease rates. <br /> <br />. Industrial Market Area <br /> <br />The market area for business park and industrial in Elk River will be identified. The Elk <br />River market area economic base related to industrial development will be evaluated and <br />compared to Metro Area trends. This will include household labor force and employment <br />trends, and growth trends from 1990 to 2005. Future household and labor force growth <br />will be estimated for 2005 to 2015. Historic employment growth trends by industry will <br />be analyzed. Future labor force and employment trends will be estimated and evaluated. <br /> <br />. Historic Business Park/Industrial Absorption <br /> <br />Market analysis will be conducted to determine the historic absorption of office, office <br />showroom, office warehouse and bulk warehouse space in Elk River and the northwest <br />Metro Area. The portion of absorption that has been captured by Elk River will be <br />quantified. <br /> <br />. Broker/User Interviews <br /> <br />Developers, brokers and industrial space users familiar with the Elk River market area <br />will be interviewed. This will include sources familiar with the area and those who might <br />be willing to locate or develop in Elk River. <br /> <br />. Future Business ParklIndustrial Demand <br /> <br />Future absorption for office, office showroom, office warehouse and bulk warehouse uses <br />in Elk River will be estimated. Estimated future absorption of each of these development <br />types for the northwest Metro Area and the portion that can be absorbed in Elk River will <br />be identified. Estimated future Elk River business park/industrial absorption will be <br />analyzed by type of product and allocated to Gateway Business Center. <br /> <br />4. CONCLUSIONS AND RECOMMENDATIONS <br /> <br />Results of the retail and business parks/industrial market research will be evaluated to <br />determine the best development alternatives for Elk River. This will include potential <br />timing, both short-term and long-term, for each use. <br />