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• April 20, 2006 Ms. Karen Skepper Anoka County HRA 2100 3rd Avenue Anoka, MN 55303 Dear Ms. Skepper: Attached is our report An Analysis of Potential Demand for Workforce and Senior Housing in Ram- sey, Minnesota. The report assesses the potential demand for a variety of multifamily housing prod- ucts in Ramsey, including independent senior housing and general -occupancy housing that would be affordable to lower- and moderate -income households (or "Workforce" households). General - occupancy housing needs examined include both for -sale and rental products. In addition to examin- ing demographic growth trends and characteristics and current housing market conditions in Ramsey and the surrounding area, the report examined the potential of various sites in Ramsey to support rec- ommended multifamily housing products. Based on the level of demand for the various workforce and senior housing products, we recommend the City of Ramsey purse the development of 125 to 140 market rate and 80 to 100 affordable gen- eral -occupancy rental units, a 45- to 55-unit senior condominium or cooperative, and a 50- to 55-unit affordable senior rental buildings. We also found strong demand for affordable for -sale units in Ramsey. However, we also found that the private market is building hundreds of townhomes priced under $200,000 that are meeting the for -sale demand from workforce households. While we under- stand that many of the recommended market rate rental units will attract higher -income households, there are many workforce households who would not income -qualify for affordable housing. We also find that Ramsey Town Center, which would offer shopping, employment, entertainment, and access to transit within walking distance is the most appropriate location for the recommended housing concepts. Housing here would have a competitive advantage over other communities in the surrounding area that are not located in such a unique mixed -use environment. Detailed findings on the recommended community concepts can be found in the Conclusions and Recommendations sec- tion of the report. We have enjoyed performing this study for you and are available if you need addi- tional information. Sincerely, MAXFIELD RESEARCH INC. Jay Thompson Vice President Ryan Bergman Research Analyst 612-338-0012 (fax) 612-904-7979 615 First Avenue NE, Suite 400, Minneapolis, MN 55413 www.maxfieldresearch.com