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field <br /> Rmearch Inc. <br /> z,> <br /> April 20, 2006 <br /> Ms. Karen Skepper <br /> Anoka County HRA <br /> 2100 Yd Avenue <br /> Anoka, MN 55303 <br /> Dear Ms. Skepper: <br /> Attached is our report An Analysis of Potential Demand for Workforce and Senior Housing in Ram- <br /> sey, Minnesota. The report assesses the potential demand for a variety of multifamily housing prod- <br /> ucts in Ramsey, including independent senior housing and general-occupancy housing that would be <br /> affordable to lower- and moderate-income households (or"Workforce"households). General- <br /> occupancy housing needs examined include both for-sale and rental products. In addition to examin- <br /> ing demographic growth trends and characteristics and current housing market conditions in Ramsey <br /> and the surrounding area,the report examined the potential of various sites in Ramsey to support rec- <br /> ommended multifamily housing products. <br /> Based on the level of demand for the various workforce and senior housing products,we recommend <br /> the City of Ramsey purse the development of 125 to 140 market rate and 80 to 100 affordable gen- <br /> eral-occupancy rental units, a 45-to 55-unit senior condominium or cooperative, and a 50-to 55-unit <br /> affordable senior rental buildings. We also found strong demand for affordable for-sale units in <br /> Ramsey. However,we also found that the private market is building hundreds of townhomes priced <br /> under$200,000 that are meeting the for-sale demand from workforce households. While we under- <br /> stand that many of the recommended market rate rental units will attract higher-income households, <br /> there are many workforce households who would not income-qualify for affordable housing. <br /> We also find that Ramsey Town Center,which would offer shopping, employment, entertainment, <br /> and access to transit within walking distance is the most appropriate location for the recommended <br /> housing concepts. Housing here would have a competitive advantage over other communities in the <br /> surrounding area that are not located in such a unique mixed-use environment. Detailed findings on <br /> the recommended community concepts can be found in the Conclusions and Recommendations sec- <br /> tion of the report. We have enjoyed performing this study for you and are available if you need addi- <br /> tional information. <br /> Sincerely, <br /> MAXFIELD RESEARCH INC. <br /> J <br /> �2r__T"C� <br /> Jay Thompson Ryan Bergman <br /> Vice President Research Analyst <br /> 612-338-0012 (fax)612-904-7979 <br /> 615 First Avenue NE,Suite 400,Minneapolis,MN 55413 <br /> www.maxfieldresearch.corn <br />