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Table B
<br />Commercial/Industrial Square Footage Created and
<br />Housing Stock Units Created Under Each Figure
<br />Commercial/Industrial
<br />Single Family
<br />Mixed Residential
<br />Single -Family Units
<br />Mixed Residential Units
<br />Figure 7
<br />12,791,394
<br />1,380 Units
<br />2,002 Units
<br />4,134 Units
<br />61 Units
<br />Totals 7,577 Units
<br />Percentage Multi -family 27.23%
<br />Percentage Single-family 72.77%
<br />Figure 8
<br />8,019,396
<br />2,367 Units
<br />1,855 Units
<br />4,134 Units
<br />61 Units
<br />8,417 Units
<br />22.76%
<br />77.24%
<br />RLK & Bikko
<br />7,272,342
<br />2,103 Units
<br />2,814 Units
<br />4,134 Units
<br />61 Units
<br />9,112 Units
<br />31.55%
<br />68.45%
<br />Based upon the projected number of housing stock units in Table B the City has estimated the
<br />following absorption rates and the number of years to absorb all of the residential property created
<br />under each of the currently proposed figures. The projected build -out times are based upon the
<br />following assumptions of construction and absorption rates:
<br />One hundred eighty (180) single units per year (Metropolitan Council projection)
<br />Thirty (30) mixed residential units per year
<br />A comparison of these build -out rates are shown in Table C below.
<br />Table C
<br />Estimated Build -out rates for Residential Property
<br />Figure 7 Figure 8 RLK & Bikko
<br />ISingle Family 8 Years 13 Years 12 Years
<br />Mixed Residential 67 Years 62 Years 94 Years
<br />During the last six (6) years (1989 - 1994) the City has averaged 39,611 square feet of
<br />commercial/industrial space constructed each year. This six -year period could be at the low point
<br />of commercial/industrial building construction. If this is the case, Staff has completed Table D
<br />which shows the number of square feet that would have to be constructed in order to build -out the
<br />commercial/industrial property indicated in the different figures.
<br />Table D
<br />Commercial /Industrial Square footage Building Rates to
<br />Absorb Commercial/Industrial Property Over a Specific Period
<br />15 Years
<br />30 Years
<br />40 Years
<br />50 Years
<br />60 Years
<br />70 Years
<br />80 Years
<br />90 Years
<br />100 Years
<br />Figure 7
<br />852,760
<br />426,380
<br />319,785
<br />255,828
<br />213,190
<br />182,734
<br />159,892
<br />142,127
<br />127,914
<br />Figure 8
<br />534,626
<br />267,313
<br />200,485
<br />160,388
<br />133,657
<br />114,563
<br />100,242
<br />89,104
<br />80,194
<br />RLK & Bikko
<br />484,823
<br />242,411
<br />181,809
<br />145,447
<br />121,206
<br />103,891
<br />90,904
<br />80,804
<br />72,723
<br />
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