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REQUEST FOR ACTION <br />TO ITEM NUMBER <br />Housin Redevelo ment Authori 8. <br />AGENDA SECTION MEETING DATE PREPARED BY <br /> Apri12, 2012 Clay Wilfahrt, Assistant Director of <br /> Economic Develo ment <br />ITEM DESCRIPTION REVIEWED By <br />Authorize staff to enter into an agreement with Maxfield Annie Deckert, Director of Economic <br />Research to conduct a housing study Develo ment <br /> REVIEWED BY <br />ACTION REQUESTED <br />Authorize staff to enter into an agreement with Maxfield Research to conduct a housing study. <br />BACKGROUND <br />At the February 6, 2012, HRA meeting, the HRA authorized staff to obtain quotes to conduct a housing <br />study. The Elk River HRA conducted its last housing study in 2003. The anticipated outcome of the <br />study is to determine availability of different segments of housing in Elk River and to plan for the .future <br />of the housing market in Elk River. <br />DISCUSSION <br />Staff has been in communication with four consulting firms about conducting a housing study: The <br />Central Minnesota Housing Partnership (CMHP), Maxfield Research, Community Partners Research and <br />BBC Research. <br />The. CMHP expressed that in their current absence of an Executive Director, they do not have the <br />capacity to take on this project. They recommended checking back in late summer or early fall for an <br />estimate on this project if the HRA were still interested. <br />Each firm was asked to put together a proposal for a comprehensive housing study similar to what was <br />completed for the HRA in the past, but also to include metrics that were inconsequential in 2003 such as <br />foreclosures and short sales. Staff also ensured that each firm can individually analyze specific <br />neighborhoods and properties as necessary. The following quotes were received: <br />$15,000 Maxfield Research <br />$18,900 Community Partners Research <br />$25,000 BBC Research <br />Staff recommends moving forward with Maxfield research to conduct the housing study. Upon <br />approving the agreement, Maxfield would complete the study in 75-90 days. <br />P®11EAE1 ®/ <br />A~UR~ <br />