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The Cube Land system allows flexibility in defining the set of variables that comprise preferences and <br />valuations of real estate. The variables identified as most significant, and included in the Council's <br />modeling, are compiled for 1,201 Transportation Analysis Zones. These zonal characteristics also <br />inform the calibration of the model to year 2010 conditions. Zonal characteristics include: <br />• Real Estate Characteristics: <br />o Start -year land use mix and undeveloped land supply <br />o Existing housing stock and employment -bearing built space <br />o Average land consumption per real estate unit <br />o Average building costs <br />• Surrounding Land Uses: <br />o Proximity to lakes and rivers <br />o Zonal demographics <br />o Zonal employment <br />o Housing density <br />• Regional Systems and Services: <br />o Proximity to parks <br />o Wastewater service availability <br />o High frequency bus stops <br />o LRT stations <br />• Transportation Accessibility, obtained through interaction with the Council's travel demand <br />model: <br />o Number of jobs within 20-minute travel time (by automobile and by transit) <br />o Number of households within 20-minute travel time (by automobile and by transit) <br />The Cube Land model also uses local planned land use and regional policies when forecasting future <br />real estate supply, including: <br />• Planned Land Use acreage (from local comprehensive plans) <br />• Allowable real estate types <br />• Existing housing densities <br />• Maximum allowable housing densities (from local comprehensive plans) <br />• Maximum allowable housing units (from local comprehensive plans) <br />In summary, the Cube Land model is richly informed about base year conditions and the envelope of <br />future possibilities. <br />Model maintenance and forecast updates. <br />Metropolitan Council receives annual updates of the REMI PI software and time -series data inputs. The <br />model received in July 2013 includes time -series data for years 1990-2011, as well as national <br />demographic adjustments to reflect US Census Bureau's immigration assumptions. For more <br />information, see: <br />US Census Bureau (2012), 2012 National Population Projections, online at <br />www.census.gov/population/proiections/data/nationa1/2012.html <br />Council staff will prepare final regional and local forecasts in early 2014, for approval by Metropolitan <br />Council and inclusion in the Thrive MSP 2040 plan. These final forecasts will reflect updated data and <br />assumptions, and updated representation of regional policies. <br />Page 6 <br />