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El ,....,1 Request for Action <br /> River <br /> To Item Number <br /> Housing and Redevelopment Authority 7.3 <br /> Agenda Section Meeting Date Prepared by <br /> General Business November 6,2017 Amanda Othoudt,EDD <br /> Item Description Reviewed by <br /> Housing Study Update Cal Portner,City Administrator <br /> Reviewed by <br /> Action Requested <br /> Authorize staff to enter into an agreement with Maxfield Research to update the 2015 Housing Study. <br /> Background/Discussion <br /> The Elk River HRA conducted its last housing study in 2015.The anticipated outcome of the study is to <br /> determine availability of different segments of the housing in Elk River and plan for the future of the <br /> housing market. <br /> The market has certainly improved since then with the development of two new senior living facilities <br /> and over 288 final plated single family lots,and 420 preliminary platted single family lots in the past two <br /> years. It is anticipated that the findings from the study will show substantial changes in the market over <br /> the past 2-3 years. <br /> Financial Impact <br /> Should the HRA select to have Maxfield complete the update to the housing study the cost of the study <br /> will be$7,116. Funding for the study could come out of the professional services line item. <br /> Attachments <br /> ■ Maxfield Research Proposal dated October 10,2017 <br /> The Elk River Vision <br /> A welcoming community with revolutionary and spirited resourcefulness, exceptional rIVEREIA <br /> service, and communityengagement that encourages and inspires pr».rperity ATU <br />